After the payroll report came in stronger than expected and investors bargain hunted after Federal Reserve Chair Jerome Powell warned about omicron and inflation, the US equity futures pointed to a rebound.
ADP's National Employment Report for November showed 534,000 jobs created, beating the economist estimates of 525,000 and slightly less than the 571,000 created in October. The monthly report for November will be released on Friday.
Oil prices rebounded Wednesday morning ahead of the OPEC meeting where the cartel can decide on production targets after President Biden decided to tap the Strategic Petroleum Reserve.
U.S. West Texas Intermediate WTI crude futures rose $2.78, or 4.2%, to $69.02 a barrel after a 3.9% drop on Tuesday. After a 5.4% slump on Tuesday, Brent crude futures gained $3.16, or 4.6%, to $72.42 a barrel.
Marc Benioff, the CEO of Salesforce, will join Chief Operating Officer Bret Taylor, who will become co-CEO. The tech giant also released third quarter earnings, showing $6.86 billion in sales a 27% boost over the same quarter a year ago. The company's revenue forecast fell short of analysts' expectations, and its stock dropped more than 5% in extended trading after the report.
Apple shares rose to a fresh new record even as stocks fell Tuesday, which has attracted investor interest in other tech news. There are more gains to come on Wednesday.
More intelligence rolls in on the impact of omnicron on the global economy, and the importance of vaccine makers remain in focus.
Goldman Sachs is calling homebuilders to make a call. Susan Maklari upgraded Lennar while being more cautious on D.R. Other economic reports include the ISM's manufacturing purchasing managers index for November. It is expected to edge higher to a reading of 61.0 from 60.8 in October. A number above 50 indicates expansion.
Construction spending is expected to increase by 0.4% in October after slipping half a percent the previous month.