U.S. stock futures started off the new month higher Wednesday after the S&P 500 logged seventh straight monthly gains.
Ahead of Wednesday's open, the Dow was just over 0.7% away from last month's record close. The S&P 500 and Nasdaq were just shy of Monday's record closes.ADP said on Wednesday that U.S. companiesin August, far short of estimates for 600,000. ADP's look at July private sector jobs gains was also a big miss. These numbers have not been a great barometer during Covid of what the government's monthly jobs data might show.
Economists expect the Labor Department's report Friday to show 720,000 nonfarm payrolls additions in August and a dip in the nation's unemployment rate to 5.2%. The economy created a better-than-expected as the unemployment rate dropped to 5.4%. The latest weekly tally of initial jobless claims is out Thursday. Oil prices rose modestly ahead of Wednesday's OPEC+ meeting. The Organization of the Petroleum Exporting Countries and its allies led by Russiato stick to a plan to add 400,000 barrels per day each month through December. U.S. oil prices broke four months of gains in August, falling nearly 7.4% in their worst month since October.
That's despite last week's gain of 10.6% in advance of Hurricane Ida, which slammed the Gulf Coast on Sunday, temporarily halting oil production and refinery operations. About 985,000 customers in Louisiana
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