S&P500 and Nasdaq 100: US Stocks Rise Today as ADP Miss Fuels Fed Cut Forecast

Futures Firm as Traders Eye Fed Cuts and Key Technical Levels

U.S. index futures strengthened early Wednesday, with the E-mini S&P 500 trading at 6857.25, up 0.25%, as traders balanced weakening labor data against building expectations for a Federal Reserve rate cut next week.

Early gains in the E-mini Nasdaq-100 and Dow futures reinforced a steady risk tone, while the S&P contract hovered just below Monday’s high of 6864.50 following two sessions of tight consolidation.

The S&P 500 Index futures contract remains coiled near the upper end of its recent range. Buyers are monitoring 6900.50 — the next upside marker and the level that capped the prior sell-off. A break through that zone would confirm renewed buying interest, while a failed push and a move under Monday’s 6802.00 low could open the path toward the 50-day moving average at 6767.50.

Does the ADP Miss Strengthen the Case for Fed Easing?

Private payrolls fell by 32,000 in November, defying expectations for a 40,000 increase. Small businesses shed 120,000 jobs, while larger firms added 90,000. Although the data points to pockets of weakness, traders viewed the report as supportive of a near-term rate cut, helping futures remain firm through the early session. Bitcoin also extended Tuesday’s rebound, climbing above $93,000 and adding to broader risk appetite.

Which Early Stock Movers Are Driving Pre-Market Tone?

Tech leadership continued, with Marvell Technology jumping more than 10% after beating earnings expectations and projecting a 25% increase in data center revenue next fiscal year. Its $3.25 billion Celestial AI acquisition further boosted enthusiasm around AI-linked growth. American Eagle Outfitters rose over 13% after raising its full-year forecast, pointing to a strong start to the holiday season.

Which Corporate Headlines Are Shaping Sector Sentiment?

Oracle gained after Wells Fargo initiated coverage with an overweight rating, citing long-term AI opportunities even after a steep fourth-quarter pullback. Macy’s reported a surprise profit and better-than-expected revenue, though shares eased slightly. GE Vernova drew attention after Deutsche Bank lifted its target ahead of next week’s investor update, expecting upgraded 2025 revenue and margin guidance.

How Does the Near-Term Setup Look for Traders?

Futures strength, upbeat corporate updates, and rising expectations for Fed easing support a constructive short-term bias. The E-mini S&P 500 remains positioned for a potential break of 6864.50, with 6900.50 serving as the next level buyers are watching. Given the improving tone across tech and retail, the near-term outlook leans bullish, provided economic data continues to reinforce the case for policy support.

More Information in our Economic Calendar.