Check back for updates throughout the trading dayU.S. stocks edged modestly higher in early Wednesday trading, while Treasury bond yields extended their recent retreat, as investors looked to a key series of labor market data and Federal Reserve updates heading into Chairman Jerome Powell's speech at Jackson Hole to close out the week. Updated at 10:39 AM EDTJob re-calcThe Bureau of Labor Statistics trimmed around 818,000 jobs from its estimate of gains over the twelve months ending in March, a figure that was largely in-line with economists' forecasts.The revision from the BLS' Current Employment Statistics report continues to suggest a firm labor market heading into the spring months, with overall employment to March of 2024 pegged at around 2.1 million.Treasury bond yields were little-changed following the data release, with 10-year notes trading at 3.822% and 2-year notes easing to 3.977%.
Source: Bureau of Labor Statistics.
Updated at 9:35 AM EDTMuted openThe S&P 500 is back on the march in early trading, rising 10 points, or 0.19%, just after the opening bell. The Nasdaq, meanwhile, gained 33 points, or 0.19%.The Dow was marked 82 points higher while the small-cap Russell 2000 gained 13 points, or 0.62%.S&P 500 Opening Bell Heatmap (Aug. 21, 2024)$SPY +0.18%?$QQQ +0.15%?$DJI +0.28%?$IWM +0.69%? pic.twitter.com/irFWZ7WUJj— Wall St Engine (@wallstengine) August 21, 2024
Updated at 8:10 AM EDTFord's EV focusFord (F) shares edged higher in early trading after the carmaker unveiled that latest overhaul of its EV strategy will likely cost around $1.9 billion in writedowns and charges.“We are committed to innovating in America, creating jobs and delivering incredible new electric and hybrid vehicles that make a real difference in CO2 reduction,” said CEO Jim Farley. “We learned a lot as the No. 2 U.S. electric vehicle brand about what customers want and value, and what it takes to match the best in the world with cost-efficient design, and we have built a plan that gives our customers maximum choice and plays to our strengths.” Ford shares were last marked 1.6% higher in premarket trading to indicate an opening bell price of $10.85 each. BREAKING: $F just updated markets on their EV strategy. They are taking a $400 Million charge and attempting to launch some new vehicles by 2027. In other words, they're behind by another 2 years and $TSLA domination (as they said prior) and still in 3rd place in market share at…— squawksquare (@squawksquare) August 21, 2024
Updated at 7:40 AM EDTRetail therapy Retail stocks are the biggest movers in the premarket, with Target soaring as much as 15% following a blowout secibd earnings report that included a boost to its full-year profit forecast.Discount retailer TJX (TJX) , which owns Marshalls, HomeGoods and TJ Maxx, also topped Wall Street forecasts for its Q2 earnings and lifted its same-store sales forecast. The stock was last marked 1.9% higherMacy's (M) , however, slumped 9.2% after the upscale retailer trimmed its full-year sales forecast, citing a "more discriminating consumer and heightened promotional environment" that ate into second quarter profit. Related: Target stock soars as retailer chases Walmart with surprise Q2 profitsStock Market TodayStock investors have been focused on Powell's address to the central bank's annual symposium for much the past week as they seek clarity about the Fed's autumn interest rate path amid a resilient economy and easing inflation pressures. Wall Street ended its eight-day win streak last night as late-afternoon selling pulled the S&P 500 11 points lower on the session in thin August trading as the market move snapped the longest run of gains for the benchmark since November of last year. Markets will have more to focus on over the coming days, however, with a big release from the Bureau of Labor Statistics later in the session that will revamp its monthly estimates of job creation between April 2023 and March 2024.
The Bureau of Labor Statistics will release its annual overhaul of job market data later in the session, with estimates that nearly 1 million could be pared from its total. Spencer Platt/Getty Images
Economists think the BLS could pare its 12-month total by as much as 1 million, a move that would add further fuel to bets that the Fed will begin the first of its rate cuts at its September meeting in Washington.DRW: “.. For the sake of today’s revision, I will add that the 12-month average for payrolls as of March 2024 is +242k, indicating +2.904 million increase in the year up to and including that month.” #NFP ?? pic.twitter.com/Fli05nVMGG— Carl Quintanilla (@carlquintanilla) August 21, 2024
Minutes of the Fed's July policy meeting, when rates were held steady at between 5.25% and 5.5% for the twelfth consecutive month, will be published at 2 pm Eastern Time.Benchmark 10-year Treasury bond yields were marked around 3 basis points lower heading into today's session and trading at 3.814% while 2-year notes slipped to 3.996%.Heading into the start of the trading day on Wall Street, futures contracts tied to the S&P 500, which is now up 1.35% for the month, are priced for a 6-point gain.The Dow Jones Industrial Average, meanwhile, is called 52 points higher while the tech-heavy Nasdaq is slated for a 15-point bump.Stocks on the move include JD.com (JD) , which is down nearly 7% in premarket trading after Walmart (WMT) confirmed its divestment from the China-based online retailer.Toll Brothers (TOL) jumped 1.1% after the homebuilder topped Wall Street forecasts for its third-quarter earnings and boosted its full-year profit forecast. Related: Target earnings in focus as Walmart tightens gripTarget (TGT) , meanwhile, surged nearly 9% after the retailer posted stronger-than-expected second quarter earnings that included solid same-store-sales gains and an improved full-year profit forecast. More Wall Street Analysts:Analysts reboot Amazon stock price targets after earningsAnalyst reboots Rivian stock price target on updated plansAnalysts reboot Arm Holdings stock price target following earningsIn Europe, markets were modestly firmer heading into the midweek, with eyes on U.S. jobs data, with the Stoxx 600 rising 0.25% in Frankfurt and Britain's FTSE 100 gaining 0.18% in London.Overnight in Asia, the regional MSCI ex-Japan benchmark fell 0.46% into the close of trading, while the Nikkei 225 in Tokyo was marked 0.29% lower by the end of the session.Related: Veteran fund manager sees world of pain coming for stocks
