Futures point higher, ADP data ahead, Samsung shares jump - what's moving markets
Investing.com -- U.S. stock futures point higher following a positive session on Tuesday, as markets digested data indicating a slowdown in labor demand in the world's largest economy. Samsung shares surge as comments from Nvidia (NASDAQ:The main averages on Wall Street climbed in the prior session, boosted by data showing that job openings slipped to their lowest level in over three years in April.
There is now a roughly 65% chance the Fed will roll out a 25 basis-point reduction in September, according to CME's closely-watched FedWatch Tool. Last week, the probability was below 50%.On Tuesday, Nvidia Chief Executive Jensen Huang told reporters that the California-based company is working to certify Samsung's high-bandwidth memory chips.
Samsung dismissed the head of its semiconductor division last month in response to what it described as a"chip crisis," while SK Hynix recently posted its fastest revenue growth since 2010.China’s services sector grew more than expected in May, private purchasing managers' index data showed on Wednesday, as persistent stimulus measures from Beijing benefited some facets of the economy.
The Caixin data contrasted with official PMI data released last week, which showed that non-manufacturing activity rose at a slower pace in May compared to April.
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