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☆ Explainer: The Fed's rate policy path, and what the data says
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +3 min

Here's a guide to some of the key data that will shape the policy debate and expectations around the Federal Reserve's next move:INFLATION (released June 30): Headline price pressures by the Fed's preferred inflation gauge eased to 3.8%, their lowest year-on-year reading since 2021, but underlying inflation pressures remained stuck on overdrive, with the core personal consumption expenditures index at 4.6%. The lack of progress toward the Fed's 2% target makes it less likely that Fed policymakers will feel comfortable holding off again on a rate hike come July. That ratio has dropped as the Fed's rate hikes have slowed labor market demand. A still-robust job market driving wage gains and consumer spending would be seen as contributing to the persistence of high inflation, and would build the case for further Fed rate hikes. Reporting by Ann Saphir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Powell, Ann Saphir, Andrea Ricci Organizations: Federal, Reuters Graphics Reuters Graphics, Institute for Supply Management, Labor, Survey, Thomson

The department said its investigation found that the Hostess could have prevented the amputation injury a 29-year-old worker suffered while reassembling a pump at a company facility in Chicago. The investigation was launched after the company, which makes popular snacks like Twinkies, Ding Dongs and Donettes, reported the injury to the Labor Department. A Hostess spokesperson said on Friday that the company was reviewing the Labor Department's allegations, but declined to comment further on "pending investigations." The Labor Department has alleged that Hostess "failed to make sure shafts, sprockets and moving parts on equipment ... had required guarding in place to protect workers from contact with pinch points and moving parts." The company has 15 business days to comply, request an informal conference, or contest the Labor Department findings.

Persons: Ding Dongs, Sukhvir Kaur, Ismail Shakil, Kathrine Jackson, Aurora Ellis Organizations: U.S . Labor Department, Hostess Brands, Labor Department, Labor, Safety, Health Administration, Employers, OSHA, Thomson Locations: Chicago, Ottawa, Washington

☆ Dollar dips ahead of U.S. inflation data, central bank meetings
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: +3 min

Those expectations kept risk sentiment buoyant, pinning the U.S. dollar near multi-week lows against the risk-sensitive Australia and New Zealand dollars. The euro gained 0.04% to $1.0760, with traders also focused on Thursday's interest rate decision from the European Central Bank, following its policy meeting. The U.S. dollar index edged marginally higher to 103.59, after falling to 103.24 on Monday, its lowest since May 23. "The central bank will likely continue to send a dovish message or one of no intention of policy change until it changes direction." In Asia, China's central bank cut its seven-day reverse repo rate by 10 basis points to 1.90% from 2.00% on Tuesday, sending the yuan falling in the offshore market.

Persons: Joseph Capurso, Jane Foley, Chong Organizations: Federal Reserve, U.S, Labor Department's CPI, Commonwealth Bank of Australia, Bank of England, European Central Bank, ECB, Rabobank, Bank of Japan, Standard Chartered Bank Korea Locations: Australia, New Zealand, Korea, Japan, Asia

☆ Dollar dips ahead of US inflation data, central bank meetings
▼ + stars: | 2023-06-13 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Persons: Joseph Capurso, Jane Foley, Chong, Rae Wee, Edmund Klamann Organizations: Federal Reserve, U.S, Labor Department's CPI, Commonwealth Bank of Australia, Bank of England, European Central Bank, ECB, Rabobank, Bank of Japan, Standard Chartered Bank Korea, Thomson Locations: SINGAPORE, Australia, New Zealand, Korea, Japan, Asia

☆ 'I don't like the tape here,' Cramer warns on certain stocks
▼ + stars: | 2023-06-13 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. 'Don't like the tape' Stick with Apple Stay bullish on Wells Fargo 1. Stay bullish on Wells Fargo Wells Fargo (WFC) shares still look attractively valued, Jim said, despite their more-than-2% pop Tuesday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Jim, he's, Wells, Charlie Scharf, Mike Santomassimo, Wells Fargo, Jim Cramer's Organizations: CNBC, Labor, Federal Reserve, Oracle, Adobe, Apple, UBS Locations: Wells Fargo, U.S, India, Wells Fargo Wells Fargo, Wells

Lifted by gains in market heavyweights including increases in both Amazon (AMZN.O) and Tesla (TSLA.O), the S&P 500 has now recovered over 20% from its October 2022 lows. "The further out the October lows get in the rear view mirror, the more confident investors become. According to preliminary data, the S&P 500 (.SPX) gained 40.33 points, or 0.94%, to end at 4,339.19 points, while the Nasdaq Composite (.IXIC) gained 202.78 points, or 1.53%, to 13,461.92. The U.S. Labor Department's consumer price index reading on Tuesday is expected to show inflation cooled slightly in May, with core prices likely remaining sticky. Goldman Sachs on Friday raised its year-end price target for the benchmark S&P 500 (.SPX) to 4,500 from 4,000, citing the broadening of the market rally.

Persons: that's, Jake Dollarhide, Tesla, There's, Dylan Kremer, Goldman Sachs, Morgan, Shristi Achar, Sruthi Shankar, Noel Randewich, Vinay Dwivedi, Sriraj Kalluvila, David Gregorio Our Organizations: Nasdaq, Oracle, Longbow, Management, Dow Jones, U.S, Labor, Traders, Nasdaq Inc, FDA, Broadcom, Reuters, VMware, Thomson Locations: Tulsa , Oklahoma, megacap, Philadelphia, Bengaluru, Oakland, Calif

☆ Futures rise as focus shifts to inflation data, Fed meet
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

Goldman Sachs on Friday raised its year-end price target for the benchmark S&P 500 (.SPX) to 4,500 from 4,000, citing the broadening of the market rally. The CBOE volatility index (.VIX) edged up after hitting pre-pandemic levels in the previous week, up 0.71 point to 14.5. Adobe (ADBE.O) shares gained 1.9% after Jefferies raised the Photoshop maker's price target to $530, the second highest on Wall Street. Oracle (ORCL.N) rose 4.1% as J.P. Morgan hiked its price target to $109, ahead of the cloud and enterprise software firm's fourth-quarter results later in the day. Nasdaq Inc (NDAQ.O) slid 7.5% after the exchange operator said it would buy Thoma Bravo-owned software firm Adenza for $10.5 billion.

Persons: Goldman Sachs, stoking, Jefferies, Morgan, Thoma, Shristi Achar, Vinay Dwivedi Organizations: Dow, Nasdaq, U.S, Labor, Traders, Dow e, FDA, . Oracle, HK, Nasdaq Inc, Thoma Bravo, Thomson Locations: megacap, Nio, Bengaluru

"Until we see several months of low or declining inflation, the headline number is still going to be above the 2% target that the Fed has set. Goldman Sachs on Friday raised its year-end price target for the benchmark S&P 500 (.SPX) to 4,500 from 4,000, citing the broadening of the market rally. Oracle (ORCL.N) advanced 4.3%, hitting an all-time high as J.P. Morgan hiked its price target to $109, ahead of the cloud and enterprise software firm's fourth-quarter results later in the day. Technology stocks (.SPLRCT) led gains among the 11 major sectors of the S&P 500 while energy stocks (.SPNY) fell 0.5%, tracking a decline in crude prices. Adobe (ADBE.O) shares gained 1.6% after Jefferies increased the Photoshop maker's price target to $530, the second highest on Wall Street.

Persons: Melissa Brown, Goldman Sachs, Morgan, Thoma, Jefferies, Shristi Achar, Sruthi Shankar, Vinay Dwivedi Organizations: Nasdaq, Dow, Oracle Corp, U.S, Labor, Traders, Oracle, Dow Jones, Nasdaq Inc, Thoma Bravo, FDA, NYSE, Thomson Locations: megacap, Bengaluru

☆ US employers boost hiring in May; unemployment rate jumps to 3.7%
▼ + stars: | 2023-06-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The increase in the unemployment rate from a 53-year low of 3.4% in April reported by the Labor Department on Friday was mostly driven by Blacks. The backfilling of these retirements and increased demand for services are some of the factors driving job growth. Most economists expect overall payrolls growth to continue at least through the end of the year. The drop in household employment combined with a 130,000 increase in the labor force to boost the unemployment rate. The unemployment rate for blacks jumped to 5.6% from 4.7% in April.

Persons: payrolls, Sal Guatieri, Nick Bunker, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Labor Department, Blacks, BMO Capital Markets, Fed, Reuters, Treasury, Reuters Graphics Reuters, Leisure, Writers Guild of America, Labor Department's Bureau of Labor Statistics, Thomson Locations: WASHINGTON, U.S, Toronto, joblessness

☆ SNAPSHOT Futures extend gains after May jobs data
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

June 2 (Reuters) - U.S. stock index futures extended gains on Friday after data showed a slight cooling in average hourly wages and a small rise in unemployment in May, reinforcing bets that the Federal Reserve will skip raising interest rates again in June. Fed funds futures trading still showed an over 70% probability that the Fed will hold interest rates steady at its June 13-14 policy meeting. ET, Dow e-minis were up 203 points, or 0.61%, S&P 500 e-minis were up 23.25 points, or 0.55%, and Nasdaq 100 e-minis were up 54 points, or 0.37%. Moments before the data, Dow e-minis were up 138 points, or 0.42%, S&P 500 e-minis were up 17.5 points, or 0.41%, and Nasdaq 100 e-minis were up 65.25 points, or 0.45%. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Shreyashi Sanyal, Maju Samuel Organizations: Federal Reserve, Labor, Dow e, Nasdaq, Thomson Locations: Bengaluru

☆ Stocks gain, dollar stumbles as US averts default and Fed skip bets rise
▼ + stars: | 2023-06-02 | by ( Alun John | ) www.reuters.com time to read: +5 min

Markets are now focused on U.S. jobs data due at 0830 EST (1230 GMT), the most significant macroeconomic release of the week, for more cues on the Federal Reserve's rate hike path. European mining stocks (.SXPP) increased 4.4%, boosted by a Bloomberg report China is working on new measures to support its property market. Copper prices were heading for their first weekly gain since April with other metals trading higher too. Spot gold was up marginally at $1,979 an ounce, but set for its biggest weekly gain in nearly two months, as a softer dollar and lower yields bolstered the bullion's appeal. Reporting by Ankur Banerjee; Editing by Lincoln Feast, Kim Coghill, Sriraj Kalluvila and Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid LONDON, Jefferson, Jeff Schulze, payrolls, Philip Jefferson, Joe Biden, Phil Shucksmith, We've, Brent, Ankur Banerjee, Lincoln, Kim Coghill, Sriraj Kalluvila, Andrew Heavens Organizations: New York Stock Exchange, REUTERS, U.S, Labor, U.S . Senate, Bloomberg, Asia Pacific, Japan's Nikkei, Nasdaq, Senate, Newton Investment, Investors, U.S . Treasury, European Central Bank, ECB, Thomson Locations: New York City, U.S, China, Japan

The Senate passed a bill late on Thursday to lift the government's $31.4 trillion debt ceiling, avoiding a catastrophic, first-ever default. The Labor Department's closely watched employment report, due 0830 ET, is expected to still show a tight labor market. Fed funds futures trading showed an over 70% probability that the Fed will hold interest rates steady at its June 13-14 policy meeting. ET, Dow e-minis were up 185 points, or 0.56%, S&P 500 e-minis were up 21.25 points, or 0.5%, and Nasdaq 100 e-minis were up 63 points, or 0.44%. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Nivedita Bhattacharjee and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: FEDWATCH, Russ Mould, AJ Bell, Germany's, Shreyashi Sanyal, Nivedita Bhattacharjee, Maju Samuel Organizations: Nike, Broadcom, Dow, Nasdaq, Federal, Fed, Labor, FEDWATCH Reuters, Dow e, Microsoft Corp, Apple Inc, Tesla Inc, Athletica, Dow Jones, Nike Inc, Germany's Adidas, Puma, Broadcom Inc, Nvidia Corp, Nvidia, Thomson Locations: Washington, United States, Europe, Bengaluru

☆ Stocks surge in Asia as US averts default, Fed pause bets rise
▼ + stars: | 2023-06-02 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The exuberant mood looked set to continue in Europe, with Eurostoxx 50 futures up 0.45%, German DAX futures up 0.49% and FTSE futures 0.18% higher. The Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress failed to act. "The market's focus is shifting to the economic front and Fed's decision on rates now," said Tina Teng, markets analysts at CMC Markets. AMP's Oliver said the prevailing sentiment now is that there will be a pause in June and that's helped markets. Australia's S&P/ASX 200 index (.AXJO) rose 0.42%, while Japan's Nikkei (.N225) was 1% higher, continuing its hot run.

Persons: DAX, Shane Oliver, Tina Teng, Patrick Harker, Harker, AMP's Oliver, that's, there'll, Australia's, Sterling, Brent, Ankur Banerjee, Lincoln, Kim Coghill Organizations: Federal Reserve, U.S . Senate, Representatives, Treasury Department, AMP, CMC Markets, Labor, Philadelphia Federal, Japan's Nikkei, Treasury, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, Europe, Sydney, U.S, China, Shanghai

☆ Morning Bid: Markets feel Friday cheer as signs point to Fed pause
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

The Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress failed to act. Markets though seemed to have moved on to focus on what the Fed will do in two weeks as U.S. economic data bolstered the case for the Fed to stand pat. The pan-European STOXX 600 index (.STOXX), which has been languishing near two-month lows, should get a lift. In the corporate world, Goldman Sachs plans to cut more jobs, the bank's president said, as a difficult economic environment weighs on dealmaking. In January, it let go about 3,200 employees, its biggest head count reduction since the 2008 financial crisis.

Persons: Ankur Banerjee, Joe Biden, Patrick Harker, Labor Department's, Goldman Sachs, Ella Irwin, Edmund Klamann Organizations: Ankur, Reserve, U.S, Senate, Treasury Department, Fed, Philadelphia Federal, Nikkei, Labor, Twitter, Reuters, Thomson Locations: Asia, Europe, U.S, Japan, Singapore

☆ Slower US job, wage gains expected in May
▼ + stars: | 2023-06-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Nevertheless, the Labor Department's closely watched employment report on Friday is expected to still show the labor market remaining tight. PROGRESS ON INFLATIONBut the overall labor market remains upbeat, with first time applications for state unemployment benefits hovering at very low levels. Slowing wage inflation is corroborated by other measures like the Atlanta Fed's wage tracker, which has come off its peaks. Financial markets see a nearly 70% chance of the Fed keeping its policy rate unchanged at its June 13-14 meeting, according to CME Group's FedWatch Tool. The Labor Department's Bureau of Labor Statistics, which compiles the employment report, did not record the work stoppage in its May strike report.

Persons: Bill Adams, Brian Bethune, Nancy Vanden Houten, Lucia Mutikani, Chizu Organizations: Federal Reserve, Labor, Comerica Bank, Data, Labor Department, Atlanta, Boston College, Fed, Writers Guild of America, Labor Department's Bureau of Labor Statistics, Oxford Economics, Thomson Locations: y WASHINGTON, Dallas, New York

☆ US employers boost hiring in May, but labor market losing steam
▼ + stars: | 2023-06-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Outside the COVID-19 pandemic, it was the biggest jump since 2010, reflecting a drop in household employment and a rise in the workforce. "However, the other areas of softness in this report suggests that the labor market is losing steam. The backfilling of these retirements and increased demand for services are some of the factors driving job growth. While not dismissing the household survey, economists said the establishment survey was the more reliable of the two. The fall in household employment combined with a rise of 130,000 in the labor force to boost the unemployment rate.

Persons: payrolls, Sal Guatieri, Nonfarm, Mike Blake, Gus Faucher, Conrad DeQuadros, DeQuadros, Daniel Zhao, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci, Paul Simao Organizations: Labor Department, BMO Capital Markets, Fed, Reuters, Leisure, Treasury, REUTERS, Reuters Graphics Reuters, Financial, Writers Guild of America, Labor Department's Bureau of Labor Statistics, PNC Financial, Brean, Thomson Locations: WASHINGTON, U.S, Toronto, Oceanside , California, Pittsburgh , Pennsylvania, New York

☆ Gold set for biggest weekly gain since April on Fed pause hopes
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: +1 min

Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold prices were set on Friday for their biggest weekly gain in nearly two months, as a softer dollar and hopes for a pause in the Federal Reserve's tightening campaign bolstered bullion's appeal. Bullion has gained 1.7% so far this week, heading for its best week since the week ended April 7. Gold, which does not yield any interest of its own, loses appeal when interest rates rise. A strong labor market print could see a bounce-back in the dollar, which would not help gold, Waterer added.

Persons: Bullion, Edward Meir, Patrick Harker, Joe Biden, Tim Waterer, Waterer Organizations: Aurum, Marex . Philadelphia Fed, U.S, U.S . Senate, U.S . Labor Department's, KCM

☆ Asian shares rise on debt bill progress, Fed pause hopes
▼ + stars: | 2023-06-02 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

SINGAPORE, June 2 (Reuters) - Asian stocks surged on Friday as the progress on the bill to raise U.S. debt ceiling and increasing hopes that the Federal Reserve might stand still on interest rates in its next meeting helped perk up investor appetite for risky assets. Harry Ottley, an economist at Commonwealth Bank of Australia, said the signs of slowing wage pressure has raised hopes that the Federal Reserve will pause raising interest rates in two weeks. Comments from Fed officials also helped embolden Fed pause hopes, with Philadelphia Federal Reserve President Patrick Harker saying U.S. central bankers should not raise interest rates at their next meeting. In early Asian hours, the two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 0.6 basis points at 4.347%, having slipped around 5 basis points on Thursday. The yield on 10-year Treasury notes was up 0.2 basis points to 3.610%, while the yield on the 30-year Treasury bond was down 0.6 basis points to 3.829%.

Persons: Chuck Schumer, Harry Ottley, CBA's Ottley, embolden, Patrick Harker, Harker, Sterling, Brent, Ankur Banerjee, Lincoln Organizations: Federal Reserve, U.S, Senate, Democratic, Treasury, Japan's Nikkei, Commonwealth Bank of Australia, Federal, Traders, U.S . House, Labor, Philadelphia Federal, Nasdaq, Thomson Locations: SINGAPORE, Washington, Asia, Pacific, Japan, China, Shanghai, U.S

That's exactly what the Fed would like to see," said Art Hogan, chief market strategist at B Riley Wealth in New York. The data brought relief to investors who now expect the Fed to skip an interest rate hike this month for the first time since starting its aggressive policy tightening more than a year ago. Fed funds futures trading showed an over 70% probability that the Fed will hold interest rates steady at its June 13-14 policy meeting. The S&P 500 communication services index (.SPLRCL), housing telecoms, fell 0.5% while the S&P 500 consumer discretionary sector (.SPLRCD), housing Amazon, soared 1.6%. The S&P 500 industrials sector (.SPLRCI) rose 1.4%, while Dow heavyweight Caterpillar (CAT.N) gained 3.7%.

Persons: Hogan, they're, FEDWATCH, Shreyashi Sanyal, Shristi, Nivedita Bhattacharjee, Maju Samuel Organizations: Amazon, Dow, Nasdaq, Federal Reserve, Labor, Riley, FEDWATCH Reuters Graphics Reuters, Dow Jones, Amazon.com Inc, Telecom, Verizon Communications, Mobile US Inc, Dish Network Corp, Caterpillar, NYSE, Thomson Locations: New York, United States, China, Bengaluru

Focus now shifts to the Labor Department's closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes. "The market became confident that, 'wow the Fed rate hike for June is pretty much not happening' and confidence is falling for raising rates for July," he said. C3.ai Inc (AI.N) slumped after the artificial intelligence company forecast an annual revenue outlook below analysts' estimates. Dollar General Corp (DG.N) plunged as retail companies cut their full-year sales forecasts as high inflation dimmed the U.S. consumer outlook.

Persons: Goldman Sachs, Edward Moya, I'm, Jimmy Chang, Chang, Jason Pride, We've, Herbert Lash, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel, Deepa Babington Organizations: Labor, Dow Jones, Nasdaq, ADP, Labor Department, Unit, Futures, Reuters Graphics Reuters, Senate, Rockefeller Global, Nvidia Corp, Glenmede, Dow, Salesforce Inc, Goldman Sachs Group Inc, Meta, Inc, General Corp, Thomson Locations: New York, Philadelphia, Bengaluru

The bill to suspend the $31.4 trillion debt ceiling headed to the Senate, which must enact the measure before a Monday deadline, when the government is expected to run out of money to pay its bills. With signs of progress in the debt ceiling saga, focus will now shift to the Labor Department's closely watched jobs report for May, due on Friday, that will help determine whether the Federal Reserve will stick with its aggressive interest rate-hiking cycle. The odds favoring a pause in rate hikes at the Fed's June 13-14 policy meeting were around 71% after the day's datasets. FEDWATCH"We're at the potential beginning of a soft landing," said David Russell, vice president of Market Intelligence at TradeStation. "When you look at the debt ceiling apparently being resolved, we could be in a situation where we wake up from the nightmare of inflation and the risk of a default to the soft landing."

Persons: Goldman Sachs, Chuck Schumer, Philip Jefferson, David Russell, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel Organizations: Dow, Nasdaq, Federal Reserve, ADP, Senate, Democratic, Labor, Federal, Fed, Market Intelligence, Dow Jones, Salesforce Inc, Goldman Sachs Group Inc, Meta, Inc, Macy's Inc, Dollar General Corp, NYSE, Thomson Locations: Bengaluru

☆ U.S. private payrolls beat expectations in May-ADP
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, June 1 (Reuters) - U.S. private payrolls increased more than expected in May, suggesting that the labor market was slowing only gradually, which could result in the Federal Reserve keeping interest rates elevated for some time. Private payrolls increased by 278,000 jobs last month, the ADP National Employment report showed on Thursday. Economists polled by Reuters had forecast private employment increasing 170,000. According to a Reuters survey of economists, private payrolls likely increased by 165,000 jobs in May. With further gains anticipated in government employment, total nonfarm payrolls are forecast to have risen by 190,000 jobs last month after advancing 253,000 in April.

Persons: payrolls, Lucia Mutikani, Chizu Organizations: Federal Reserve, ADP, Reuters, Fed, Stanford Digital Economy, Labor Department's Bureau of Labor Statistics, Thomson Locations: U.S

"The bill now moves to the Senate, where we believe it will clear the 60-vote hurdle after some political and procedural posturing," analysts at BTIG said. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 10 points, or 0.24%, and Nasdaq 100 e-minis were up 22.5 points, or 0.16%. The S&P Global manufacturing PMI and the Institute for Supply Management's (ISM) manufacturing PMI for May will also be on the watch list. C3.ai Inc (AI.N) slumped 22.8% after the artificial intelligence company forecast annual revenue outlook below street estimates. Reporting by Shreyashi Sanyal and Shristi Achar A in Bengaluru; Editing by Shounak Dasgupta and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: BTIG, Philip Jefferson, Patrick Harker, Shreyashi Sanyal, Shristi, Shounak Dasgupta, Maju Samuel Organizations: Dow, Nasdaq, Republicans, Senate, Dow e, U.S . Federal Reserve, Labor, P Global, PMI, Institute for Supply, Fed Governor, Philadelphia Fed, Dow Jones, Nordstrom, Macy's Inc, Dollar General Corp, Thomson Locations: Bengaluru

☆ Private payrolls rose by 278,000 in May, well ahead of expectations, ADP says
▼ + stars: | 2023-06-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The U.S. labor market posted another month of surprising strength in May as companies added jobs at a pace well above expectations, according to a report Thursday from payroll processing firm ADP. Private sector employment increased by a seasonally adjusted 278,000 for the month, ahead of the Dow Jones estimate for 180,000 and a bit lower than the downwardly revised 291,000 in April. Trade, transportation and utilities posted an increase of 32,000 while the other services category added 12,000. "This is the second month we've seen a full percentage point decline in pay growth for job changers," ADP chief economist Nela Richardson said. The Labor Department said private payrolls rose by 230,000 in April.

Persons: Dow Jones, Nela Richardson, ADP's Organizations: ADP, Labor, Labor Department Locations: Novato , California, The U.S, Trade

The Labor Department reported that U.S. job openings unexpectedly rose in April, pointing to persistent strength in a labor market that suggests pressure on both wages and inflation. Futures traders raised to 70% the probability of a 25 basis points hike at the Fed's June 13-14 policy meeting. FEDWATCHFed Governor and vice chair nominee Philip Jefferson said skipping a rate hike in two weeks would provide policymakers time to see more data before making a decision. The Labor Department's closely watched May unemployment report, due on Friday, could decide whether a rate hike occurs. Intel was the biggest gainer on the S&P 500 as the chipmaker said it was on track to hit the upper end of its second-quarter revenue forecast.

Persons: Brendan McDermid, Joe Biden, it's, Brad Conger, Callaghan, Conger, FEDWATCH, Philip Jefferson, Patrick Harker, Tim Ghriskey, we've, Nvidia Corp's, Herbert Lash, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Senate, Co, Labor Department, Philadelphia Fed, Inverness, Labor, Dow Jones, Nasdaq, Technology, Federal Deposit Insurance Corporation, Parts Inc, Genuine, O'Reily, Hewlett Packard Enterprise Co, Nvidia, Intel, Thomson Locations: New York City, U.S, Conshohocken , Pennsylvania, New York, Bengaluru

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