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US STOCKS-Futures rise ahead of Powell comments, economic data
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US STOCKS-Futures rise ahead of Powell comments, economic data
Dec 4, 2024 4:38 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

GM to take more than $5 bln in charges on China operations

*

Salesforce ( CRM ) jumps after beating Q3 revenue estimates

*

ADP private payrolls report for November due at 8:15 a.m.

ET

*

Futures up: Dow 0.46%, S&P 500 0.31%, Nasdaq 0.64%

(Updates with quote, prices)

By Shashwat Chauhan and Purvi Agarwal

Dec 4 (Reuters) -

U.S. stock index futures climbed on Wednesday, with those

tied to the benchmark S&P 500 touching all-time highs, as

investors awaited crucial economic data and remarks from Federal

Reserve Chair Jerome Powell.

November private payrolls data, due at 8:15 a.m. ET, is

expected to show fewer additions compared to the previous month,

while the highly anticipated November monthly employment report

is expected on Friday.

Traders currently see a 74% chance of a 25-basis-point rate

cut from the Fed this month, compared to a more than 66% chance

seen a week earlier, according to CME's FedWatch Tool.

U.S. central bank officials said on Tuesday they still

believe inflation is heading down to their 2% target. While most

signaled support for further interest-rate cuts, none pushed

strongly for or against another reduction at the Fed's meeting

in two weeks.

"Upbeat data, followed by a reiteration of Powell's view

that the Fed is not in a rush to lower interest rates, could

prompt market participants to increase their January pause

bets," said Charalampos Pissouros, senior market analyst at

forex broker XM.

Powell's comments are due later in the day, while the 'Beige

Book', the central bank's U.S. economic activity survey, is

scheduled for release at 2:00 p.m. ET.

Other central bankers including Alberto Musalem and Thomas

Barkin are also scheduled to speak through the day.

November non-manufacturing activity surveys from S&P Global

and the Institute for Supply Management are due shortly after

markets open.

The S&P 500 and the Nasdaq posted record

closing highs on Tuesday, as tech-related stocks continued to

rise in a turbulent session.

U.S. stocks had a solid November after President-elect

Donald Trump recaptured the White House in the Nov. 5 election

and his Republican Party swept both houses of Congress.

The benchmark S&P 500 is up almost 27% so far this year,

significantly outperforming bourses in Europe, Japan

and mainland China.

At 07:00 a.m., Dow E-minis were up 205 points, or

0.46%, S&P 500 E-minis gained 18.5 points, or 0.31%,

hitting an all-time high, and Nasdaq 100 E-minis were up

137.25 points, or 0.64%.

Most megacaps and growth stocks were broadly higher in

premarket trading, with Microsoft ( MSFT ) and Nvidia ( NVDA )

leading gains with a 0.9% rise each.

General Motors ( GM ) slipped 1.5% after the automaker said

it would record two non-cash charges totaling more than $5

billion on its China operations.

Dollar Tree ( DLTR ) gained 6.5% after the discount

store operator

beat

third-quarter sales estimates, while drugmaker Eli Lilly ( LLY )

was up 2.2% after its weight-loss drug Zepbound

topped

rival Wegovy in a head-to-head study.

Salesforce ( CRM ) jumped 12.6% after the enterprise cloud

company beat Wall Street estimates for third-quarter revenue and

raised the lower end of its annual revenue forecast.

Marvell Technology ( MRVL ) advanced 14% after the chipmaker

forecast fourth-quarter revenue above analyst estimates, while

digital identity verification firm Okta ( OKTA ) soared 15.1%

after reporting third-quarter profit versus a year-ago loss.

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