Wall Street trimmed early session gains on Wednesday after official government data downwardly revised nonfarm payrolls by 818,000 from previous estimates between April 2023 and March 2024. This adjustment suggests that the labor market’s strength was not as robust as investors had initially believed.
By midday trading in New York, major U.S. indices hovered slightly above the flatline, with both the S&P 500 and the Nasdaq 100 adding mild gains after snapping an eight-day winning streak on Tuesday. Blue-chip stocks were flat, while small-cap stocks managed to rise by 0.6%.
Traders are now eagerly awaiting further insights on monetary policy from the minutes of the Federal Reserve Open Market Committee’s July meeting, scheduled for release at 2:00 p.m. ET.
Meanwhile, speculators have increased their expectations of a 50-basis-point rate cut in September, assigning a 32.5% probability to this scenario in response to the downward revisions of the annual nonfarm payrolls. Market ...
