Stock market news live: Stock futures surge, Dow looks to advance 700+ points - Yahoo Finance

Stocks rose Wednesday, recovering some losses after a sell-off Tuesday knocked each of the three major indices by more than 2.8%.

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9:45 a.m. ET: IHS Markit U.S. services PMI contracts for the first time in four years

The U.S. services sector contracted for the first time in four years, and at the fastest pace since October 2013, according to a IHS Markit’s final February services purchasing managers’ index (PMI) released Wednesday.

For February, the services PMI came in at 49.4, matching the advance print released several weeks ago. In January, the services PMI had been 53.4. Readings above the neutral level of 50 indicate expansion in as sector.

“The decrease in output stemmed from only a fractional rise in client demand and a further contraction in new business from abroad as customers held back from placing orders amid global economic uncertainty and the coronavirus outbreak,” IHS Markit said in its release. “As a result, business confidence remained historically subdued and employment growth slipped to the weakest since last November.”

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9:37 a.m. ET: Stocks open higher, holding onto overnight gains

The three major indices extended gains from during the overnight session to open higher. Gains in the Dow were led by a more than 11% surge in shares of UnitedHealth Group. Peer health-care stocks Pfizer and Walgreens Boots Alliance also outperformed.

This came after Bernie Sanders lost footing to former Vice President Joe Biden in Democratic primaries held Tuesday, suggesting a candidate with less progressive policies affecting industries including health-care could clinch the Democratic presidential nomination. The Health-care sector also led gains in the S&P 500.

Here were the main moves in markets as of 9:37 a.m. ET:

• S&P 500 (^GSPC): +1.73% or +51.98 points to 3,055.35

• Dow (^DJI): +2.15% or +555.99 points to 26,473.4

• Nasdaq (^IXIC): +1.22% or +107.15 points to 8,791.24

• Crude oil (CL=F): +2.42% or +$1.14 to $48.32 a barrel

• Gold (GC=F): -0.21% or -$3.40 to $1,641.00 per ounce

• 10-year Treasury (^TNX): yielding 0.976%, down 4.1 bps

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8:15 a.m. ET: U.S. economy adds 183,000 private payrolls in February, topping expectations, ADP reports

Private payrolls rose by a 183,000 in February, according to a monthly report from ADP/Moody’s. This beat expectations for a rise of 170,000, according to Bloomberg-compiled consensus data.

February’s payroll gains were again led by the service-providing sector, which added a net 172,000 positions. Education and health services industries added 46,000 payrolls, and leisure and hospitality industries added 44,000 payrolls.

Within the goods-producing sector, construction added 18,000 payrolls, while mining and manufacturing industries shed 3,000 and 4,000 roles, respectively.

For January, private payroll additions were downwardly revised to 209,000, from the gain of 291,000 previously reported.

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7:48 a.m. ET: Stock futures jump after Tuesday’s rout

U.S. stock futures were higher Wednesday morning in the wake of the Federal Reserve’s emergency rate cut Tuesday morning, and after former Vice President Joe Biden staged a major comeback in voter support during Super Tuesday.

Dow futures were up more than 700 points just before 8 a.m. ET, extending a march higher throughout much of the overnight session. The 30-stock index had shed more than 900 points by market close Tuesday, after an unexpected inter-meeting interest rate cut from the Fed failed to imbue confidence with investors amid a still-escalating coronavirus outbreak.

Politics also remained a focal point, with major wins for Biden during Super Tuesday helping appease investors seeking a moderate, and perceived market-friendly candidate, for the Democratic nomination. Biden won nine states during the major primary night, including unexpected victories in Texas and Massachusetts. Bernie Sanders landed wins including California, a major source of delegates, as well as Colorado, Utah and Vermont, his home state.

Here were the main moves during the pre-market session, as of 7:48 a.m. ET:

• S&P 500 futures (ES=F): 3,072.00, up 75 points or 2.5%

• Dow futures (YM=F): 26,609.00, up 729 points or 2.82%

• Nasdaq futures (NQ=F): 8,804.00, up 221.5 points or 2.58%

• Crude oil (CL=F): $48.08 per barrel, up $0.90 or 1.91%

• Gold (GC=F): $1,648.10 per ounce, up $3.70 or 0.23%

• 10-year Treasury (^TNX): yielding 1.01%, down 0.7 bps

NEW YORK, NEW YORK - MARCH 03: Traders work on the floor of the New York Stock Exchange (NYSE) on March 03, 2020 in New York City. Following a strong market surge yesterday, stocks one again fell on Wall Street as global concerns over the financial impact from the Coronavirus drive investments down. (Photo by Spencer Platt/Getty Images)

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https://finance.yahoo.com/news/stock-market-news-live-updates-march-4-2020-125211400.html

2020-03-04 14:38:00Z
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