Stock Futures Slightly Lower as Investors Digest Employment Data
Stock futures are slightly lower while investors digest stronger-than-expected employment data and wait for Friday's official nonfarm payrolls report. According to ADP, private-sector employers added 122,000 jobs in May, above the consensus forecast of 118,000 and up from the prior month's reading. Enthusiasm surrounding data-center spending, cloud infrastructure, semiconductors, and power-demand beneficiaries continues to support the broader indexes. However, investors have become increasingly selective, rewarding companies that can demonstrate tangible AI-related revenue growth while showing less patience for firms that are merely associated with the theme.Treasury yields are relatively stable. The 10-year Treasury yield remains elevated by recent standards, but the market has seemingly become more comfortable with the idea that rates may stay higher for longer.In pre-market trading, S&P 500 futures fell 0.22%, Nasdaq futures rose 0.04% and Dow futures fell 0.46%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Aurinia Pharmaceuticalsup 3% after disclosing the purchase of 206,005 shares by director Kevin TangUP AFTER EARNINGS -GameStopup 11%Destination XLup 6%Ollie's Bargain Outletup 5%Medtronicup 4%Macy'sup 2%DOWN AFTER EARNINGS -GitLabdown 6%Ulta Beautydown 3%Palo Alto Networksdown 2%LOWER -Circle Internetdown 2% afterthat Coinbaseis exploring participation in a new stablecoin platform
