Wall St eyes higher open with payrolls revisions, Fed minutes on tap
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Fed's July meet minutes to be released at 2:00 p.m. ET
Payrolls revisions due at 10:00 a.m. ET
Target jumps after lifting FY profit forecast
JD.com slides after Walmart sells $3.74 bln stake
Futures up: Dow 0.2%, S&P 500 0.24%, Nasdaq 0.25%
Updated at 8:30 a.m. ET/ 1230 GMT
By Shashwat Chauhan and Johann M Cherian
Aug 21 (Reuters) -Wall Street's main indexes were set for a higher open on Wednesday, as investors awaited the release of the updated U.S. payrolls data and the minutes from the Federal Reserve's July policy meeting.
The report from the Bureau of Labor Statistics, with preliminary revisions to the jobs data, is due at 10:00 a.m. ET. Most economists expect a downward revision, with Goldman Sachs estimating that 600,000 to 1 million fewer jobs were created between April 2023 and March 2024.
"I don't believe we have a real weakening of the job market, so we're not going to have a revision that is going to spook the market," said Phil Blancato, chief executive officer of Ladenburg Thalmann Asset Management.
Minutes from the Fed's last policy meeting are also due later in the day, ahead of Chair Jerome Powell's speech at the Jackson Hole economic symposium on Friday.
"My bigger concern is what's happening with the Fed. If they come out as a bit more hawkish and there's not a lot of guarantee that they're going to cut in September, then you could have a scenario where the market sells off quite rapidly."
Financial markets are currently pricing in a 69.5% likelihood of a 25 basis-points interest rate cut by the Fed in September, with a 30.5% chance of a super-sized 50 bps cut, according to CME's FedWatch tool.
Fed Governor Michelle Bowman on Tuesday said she remains cautious about any shift in central bank policy as she sees continued upside risks for inflation, warning that overreacting to any single data point could put progress made against inflation at risk.
At 08:30 a.m. ET, Dow E-minis 1YMcv1 were up 82 points, or 0.2%, S&P 500 E-minis EScv1 were up 13.5 points, or 0.24% and Nasdaq 100 E-minis NQcv1 were up 50 points, or 0.25%.
Wall Street's main indexes closed marginally lower on Tuesday, breaking their recent winning streak.
Risk appetite had returned to global equities last week following sharp declines earlier this month, boosted by the likelihood of rate cuts from the U.S. central bank in September, with all three major U.S. benchmarks now at levels seen before the sell-off.
Among top premarket movers on Wednesday, Target TGT.N jumped 15.2% after the retailer raised its annual profit forecast and posted upbeat quarterly comparable sales as more Americans shopped at its stores, drawn by low-priced groceries and essentials.
U.S.-listed shares of Chinese e-commerce firm JD.com 9618.HK, JD.O dropped 8% after Reuters reported that Walmart WMT.N, the company's biggest shareholder, has sold its entire stake in the firm. Walmart's shares were up about 1%.
Macy's M.N lowered its annual net sales forecast as lingering weakness in U.S. consumer spending dashed hopes of a turnaround in demand for big-ticket discretionary goods, sending the retailer's shares down almost 9%.
Keysight Technologies KEYS.N gained 11.7% after the electronic equipment maker beat third-quarter revenue and profit estimates.
Overall, U.S. stock trading volumes have been light this month as many investors are away for summer break.
Reporting by Shashwat Chauhan and Johann M Cherian in Bengaluru; Editing by Varun H K and Shinjini Ganguli
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Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
