Advertisement
Canada markets open in 9 minutes

  • S&P/TSX

    21,656.05
    +13.18 (+0.06%)
     

  • S&P 500

    5,022.21
    -29.20 (-0.58%)
     

  • DOW

    37,753.31
    -45.66 (-0.12%)
     

  • CAD/USD

    0.7269
    +0.0006 (+0.08%)
     

  • CRUDE OIL

    83.01
    +0.32 (+0.39%)
     

  • Bitcoin CAD

    85,750.96
    +39.27 (+0.05%)
     

  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     

  • GOLD FUTURES

    2,398.40
    +10.00 (+0.42%)
     

  • RUSSELL 2000

    1,947.95
    -19.53 (-0.99%)
     

  • 10-Yr Bond

    4.6020
    +0.0170 (+0.37%)
     

  • NASDAQ futures

    17,684.50
    +26.00 (+0.15%)
     

  • VOLATILITY

    17.84
    -0.37 (-2.03%)
     

  • FTSE

    7,868.31
    +20.32 (+0.26%)
     

  • NIKKEI 225

    38,079.70
    +117.90 (+0.31%)
     

  • CAD/EUR

    0.6815
    +0.0013 (+0.19%)
     
MARKETS LIVE BLOG:

STOCK FUTURES RISE AS TECHS REVIVE, WITH NETFLIX EARNINGS ON TAP

U.S. bond yields continue to slip away from recent five-month highs, easing pressure on stocks

ADP jobs report, ISM non-manufacturing: What to know in markets Wednesday

Heidi Chung
·Reporter
Updated ·2 min read

The U.S. economy will be in focus yet again Tuesday with the release of the ADP employment report and the Institute for Supply Management non-manufacturing index.

The ADP’s monthly employment report will provide further clues on the continued deterioration of the of the U.S. labor market. Economists polled by Bloomberg expect 9 million jobs losses in the private sector in May, following a record 20.24 million job losses in April.

MIAMI BEACH, FLORIDA - MAY 22: Odirus Charles holds a sign that reads, ' I Am angry as hell Fix Unemployment Now,' as he joins others in a protest on May 22, 2020 in Miami Beach, Florida. Unemployed hospitality and service workers who have not received unemployment checks held the protest demanding Florida Governor Ron DeSantis fix the unemployment system and send out their benefits. Since the closure of all non-essential businesses due to the coronavirus pandemic, hundreds of thousands of hospitality workers across Florida find themselves out of work. Florida’s unemployment system has not worked reliably. (Photo by Joe Raedle/Getty Images)
Odirus Charles holds a sign that reads, ' I Am angry as hell Fix Unemployment Now,' as he joins others in a protest on May 22, 2020 in Miami Beach, Florida. (Photo by Joe Raedle/Getty Images)

ADP’s private sector employment report comes ahead of Friday’s Bureau of Labor Statistics’ report — as well as heightened concerns about the deteriorating U.S. economy due to the deadly coronavirus pandemic. Though the ADP report is not always a reliable indicator of what the BLS report will illustrate, it could still provide some insight into the current status of employment in the U.S.

ADVERTISEMENT

Meanwhile, shortly after the opening bell, attention will shift to the U.S. services sector with the release of the ISM non-manufacturing Index reading for May. Like Monday’s release of the ISM manufacturing survey for May, the non-manufacturing survey is expected to show that the services sector improved since April. Economist expect ISM non-manufacturing rose to 44.5 from 41.8 in April.

“Many states allowed some service sector activity to re-open in May, including an expansion of curbside pickup in Texas. That re-opening activity was reflected in Markit’s flash service PMI in May, which surprised to the upside, rising 10.2pp to 36.9. In addition to Markit, the Dallas Fed’s service sector outlook survey rebounded sharply during the month, as did a similar measure from the Philly Fed,” Nomura economist Lewis Alexander said in a note to clients May 29.

Alexander also noted that despite the improvements, activity still contracted by most measures, and reopenings have mostly slowed the pace of contraction as opposed to causing an outright increase in activity in May.

Notable earnings announcement scheduled for Wednesday include American Eagle Outfitters (AEO), Campbell’s Soup (CPB), Canada Goose (GOOS) before the market open.

—

Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

More from Heidi:

Find live stock market quotes and the latest business and finance news

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.