Stock futures (^DJI, ^IXIC, ^GSPC) are taking in ADP’s jobs data for June and the US Department of Labor’s initial jobless claims from last week.
Federal Reserve Jerome Powell feels the Fed has “made some progress” against inflation, stated at the ECB Forum on Central Banking yesterday, as officials slowly move back toward a disinflationary path.
Paramount Global (PARA) shares are soaring in pre-market trading on reports that Skydance Media may be nearing an agreement to buy Shari Redstone’s National Amusements, the holding company of Paramount.
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This post was written by Luke Carberry Mogan.
Three things that you need to know for this Wednesday morning, we’ve got Yahoo Finance is Jared Jennifer.
Ser and Josh left with more futures trading close to the flat line on the short and trading day job creation slowing for a third straight month.
The US added 150,000 new private sector jobs in June.
That’s below the 165,000 Wall Street expected.
And even below the prior month, revised levels pay gains for both job stayers and job changers.
They slowed.
Meanwhile 238,000 people filed for new unemployment benefits last week.
That is more than expected and higher than the prior rating.
So the data showing some weakening in the labor market and all of this comes ahead of Friday’s big jobs report.
J JP said to say he’s encouraged by the later cool latest cooler readings on inflation but that the central bank will need to see more evidence before cutting interest rates.
He said that the last two inflation readings in April and may quote do suggest that we are getting back on a disinflationary path.
The comments come days after the latest reading of the fed’s preferred inflation gauge for P ce rose 2.6% in May, the slowest annual gain in more than three years.
And today Wall Street is watching for minutes from the feds last meeting which could provide clues about how policy leaders are thinking about the timing of rate cuts and shares of Paramount global rallying on news of a potential merger.
According to reports, production company, Sky Dance has reached a preliminary agreement to buy Sherry Redstone’s National Amusements, the controlling shareholder of Paramount.
This comes after merger talks.
Remember fizzled out last month.
If that deal goes through Sky Dance would then plan to merge with Paramount Global which would be subject to approval by Paramount’s Special Committee.
