US Stock Futures Rise as Oil Prices and Yields Ease
US stock futures rose on Thursday as oil prices and bond yields eased following a pause in their recent surge. This easing of pressure on equities was further influenced by fresh economic data indicating a cooling in the labor market, according to the ADP figures.
The ADP reported that US private-sector employment added just 38,000 jobs in August, falling short of the 47,000 positions economists had anticipated. Despite this softer labor data, financial markets continue to price in roughly a two-thirds probability of a Federal Reserve interest rate hike later this month.
Strategists at Deutsche Bank noted that 'US equities finally stabilised yesterday,' with the S&P 500 recovering after three consecutive declines. They attributed this recovery to strong performances in the materials, communication services, and health care sectors, particularly those of mega-cap technology companies like Nvidia and Meta.