Main US indexes slightly green, but choppy
Jan factory orders 1.7% vs 1.6% estimate
Feb ISM N-mfg PMI 53.5 vs 52.6 estimate
Euro STOXX 600 index rallies >1%
Dollar down ~1%; crude off >3%; gold ~flat; bitcoin up >1%
US 10-Year Treasury yield rises to ~4.24%
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U.S. STOCKS TRY TO EXTEND THEIR REBOUND
After a subdued open on Wednesday, Wall Street's main indexes are now slightly higher after January factory orders and the February non-manufacturing PMI both came in better-then-expected. Ahead of the opening bell, a weaker-than-expected jobs report fanned concerns of a slowing economy.
Meanwhile, investors await a potential softer approach from President Donald Trump on trade policy.
ADP's national employment report showed the economy added fewer jobs than expected in February. Investors are now focusing on Friday's official payrolls report, which could be crucial for markets.
They are also closely monitoring the latest developments on tariffs. Commerce Secretary Howard Lutnick said in an interview that Trump was considering granting some relief on import of items such as cars and autoparts, that comply with the U.S.-Mexico-Canada free-trade agreement.
A majority of S&P 500 .SPX sectors are higher with materials .SPLRCM posting the biggest rise.
Energy .SPNY is the weakest group. This, with NYMEX crude futures CLc1 falling more than 3%. Crude futures are also on pace to fall for a seventh week in a row. The futures last declined seven-straight weeks in December 2023.
In any event, traders remain braced for volatility, and continue to eye the S&P 500 index, which is now just shy of 5,800, vs its 200-day moving average, which is now around 5,728, in order to see if the Tuesday's rebound will extend.
Here is a snapshot of where markets stood around 1012 EST:
(Terence Gabriel)
*****
FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
S&P 500 INDEX: TRADERS BOW TO THE MAGIC OF THE 200-DAY MA - CLICK HERE
POSITIONING FOR MORE VOLATILITY - CLICK HERE
WHAT WILL THE ECB MAKE OF ALL THIS? - CLICK HERE
EUROPE'S DEFENCE BOOM, SOMETHING FOR US CONTRACTORS TOO - CLICK HERE
PICTET GOES OVERWEIGHT EUROPEAN STOCKS, DOWNGRADES U.S. - CLICK HERE
BIG BOUNCE, MDAX STANDS OUT - CLICK HERE
EUROPE BEFORE THE BELL: "A REALLY BIG BAZOOKA" - CLICK HERE
TARIFFS STAND OUT AMID MENAGERIE OF MARKET DRIVERS - CLICK HERE
EarlyTrade03052025 https://tmsnrt.rs/4h9KuMF
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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