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Wall Street’s rally in stocks looked set to stall Wednesday, as investors waited for fresh data on jobs and GDP to help gauge whether Federal Reserve tightening has dented the US economy.
Futures on the S&P 500 (^GSPC) fell around 0.1%, and while those on the Dow Jones Industrial Average (^DJI) were about flat. Nasdaq 100 futures paced losses, down about 0.2%.
The ADP report on private-sector employment on Wednesday is in focus after signs of a slowdown in the labor market helped lift the three major US benchmarks to gains on Tuesday.
Also, a second reading on second-quarter growth could confirm those hopes for a “soft landing” for the US economy, and into assessments of whether the Fed is done hiking interest rates.
Both releases will set the stage for Thursday’s PCE inflation report and Friday’s August jobs report, seen as crucial to attempts to get a steer on policymakers’ thinking. After this summer’s stronger-than-expected data, the Fed has noted the economy may not be cooling as it expected, Chair Jerome Powell acknowledged last week.
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