New York stocks are expected to trade nervously in a narrow range, following the previous day's rise in oil prices and ahead of key US employment data. Labor-market trends are expected to be a key focus ahead of the August ADP employment report and Beige Book release.
New York stocks are expected to trade nervously in a narrow range on the 2nd. The previous day, oil futures surged after the US military announced strikes on Iran, sending the three major indexes lower for a third straight session amid concerns about a renewed rise in inflation.
The Dow fell $419.02 and the Nasdaq Composite declined 1.03% the previous day. In addition to concerns that higher oil prices could encourage the Federal Reserve to raise interest rates, a deterioration in investor sentiment in September also weighed on the market.
The August ADP employment report and Beige Book release are in focus tonight, with the strength of the labor market and the outlook for interest-rate hikes expected to influence the market's direction.
Semiconductor giant Broadcom is scheduled to report earnings after the close. Resilient AI demand could provide support for technology stocks.