Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Top 5 Things to Know in the Market on Wednesday

ForexApr 03, 2019 05:39AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Investing.com -- Here are the top 5 things you need to know about in the markets on Wednesday, April 3.

1. Futures Set to Open Higher

U.S. markets are set to open higher after a strong set of surveys of the services sector in China and Europe. The Caixin Services PMI rose to a 14-month high, well above expectations, suggesting that China’s economy is emerging from the doldrums.

IHS Markit’s euro zone services PMI, meanwhile, hit its highest since December. Sentiment is also benefiting from fresh reports that the U.S. and China are near a deal to end their trade war. Vice Premier Liu He is due to meet with Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer later on Wednesday.

At 05:45 AM ET (09:45 GMT), the S&P 500 futures contract was indicated up 0.5%, the Dow futures contract was up 0.4% and the tech-heavy Nasdaq 100 futures contract was up 0.6%

Read more: 3 Under-The-Radar Tobacco Stocks With Strong Upside Potential: Jesse Cohen

2. Brexit Breakthrough?

British Prime Minister Theresa May offered cross-party talks to find a way out of the Brexit impasse, infuriating lawmakers in her own party who were prepared to leave the EU without a transitional deal on April 12th.

The opposition Labour Party has pressed for the U.K. to stay in a customs union with the EU, to ensure trade is not disrupted.

May signalled late Monday she would ask for a further extension to the revised Brexit deadline at an EU summit in Brussels next week. It’s still not clear whether the EU’s other 27 member states will agree to that. The pound rose overnight on the news, and was at $1.3176 at 05:45 AM ET (09:45 GMT).

3. Trump Called Powell in March Over Rate Policy

President Donald Trump called Federal Reserve Chair Jerome Powell in March and has continued to criticize him in meetings at the White House since, The Wall Street Journal reported.

The call took place the day that a weak employment report raised fears about the economic outlook, sending the stock market lower. The report is further evidence of pressure from the White House on the Fed to ensure that the economy doesn't falter in the second half of Trump's term. Larry Kudlow, trump's chief economic advisor, had last week called on the Fed to cut its key rate by half a percentage point.

4. Busy Day on The Economic Calendar

On the data front, the market’s attention will shift to the U.S. labor market with the ADP’s report on private payroll growth, which is often seen as a warmup act for the big Friday government nonfarm payrolls report.

Economists expect the ADP report, due at 8:15AM ET (12:15 GMT), to show that private payroll growth totaled 184,000 in March.

Later, the U.S. Institute of Supply Management will release data on March services sector activity at 10:00AM ET (14:00 GMT). Economists expect a reading of 58.1, down from 59.7 from the month earlier.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.3% at 96.62, after climbing a 3-1/2-week peak of 97.09 the previous day.

In the bond market, U.S. Treasury prices inched higher, pushing yields lower across the curve, with the benchmark 10-year yield falling to 2.51%, while the yield on the 30-year Treasury bond climbed to 2.92%.

5. EIA Oil Supply Report

In commodities, the U.S. Energy Information Administration will release its official weekly oil supplies report for the week ended March 29 at 10:30AM ET (14:30 GMT).

Analysts expect the EIA to report a decline of about 0.4 million barrels in crude inventories.

Prices were boosted amid news that the U.S. is considering more sanctions against Iran. The halting of loadings at a crude terminal in Venezuela also threatened to squeeze supply.

Top 5 Things to Know in the Market on Wednesday
 

Related Articles

Dollar Up, Buoyed by Omicron Uncertainty
Dollar Up, Buoyed by Omicron Uncertainty By Investing.com - Dec 06, 2021 1

By Gina Lee Investing.com – The dollar was up on Monday morning in Asia, with uncertainty surrounding the omicron COVID-19 variant and expectations of more hot U.S. inflation data...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Completely Anonymous
Completely Anonymous Apr 03, 2019 7:12AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Reagan did the same thing to Paul Volker 35 years ago - by Volker's own admission. Fed "independence" is an oxymoron.
Mark Hoffman
Mark Hoffman Apr 03, 2019 6:39AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
" The report is further evidence of pressure from the White House on the Fed to ensure that the economy doesn't falter in the second half of Trump's term" - What has the country come to when a sitting US President wants to have the stock market continue to rise? It's almost as if he understands most Americans are passive investors and are long the market and has aligned his goals with theirs. The shame of it all.
Phillip Askew
Phillip Askew Apr 03, 2019 6:39AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fluctuations in the market can have grave consequences on the world. We need to balance our books same as everyone. We need bearish on babyboomer everyones a winner, let the good times roll, whocares about the consequences mentality.You want to make the stock market go up? Invest in the lower and middle class. His tax break did nothing, and we're all weaker for it.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email