Beat the street: More US data on deck ahead of NFP; Oil majors fall; Microsoft
US stocks look set to open lower amid concerns softening data points to headwinds for the US economy. Traders brace for more labour-related data ahead of Friday’s key US jobs report.
Shares in Exxon Mobil and Chevron slip as demand worries weighed on crude prices. Microsoft shares in focus on a report that the software giant is set to lay off hundreds at its Azure cloud unit.
(AI Video Summary)
US stocks look set to open lower
In today's financial analysis on "Beat the street," US stocks are anticipated to open lower due to softening economic data, potentially signaling upcoming headwinds. Particularly in focus are sliding oil prices affecting major corporations like Exxon Mobil and Chevron, while tech giant Microsoft is reportedly downsizing its Azure cloud unit staff.
As we approach key central bank decisions and await the US jobs report, market volatility remains moderately stable, with potential rate cuts by the ECB and Bank of Canada.
Ferguson PLC
Also highlighted are Ferguson PLC's robust earnings and share buybacks, and traders now see an increased probability of a Fed rate cut in September. The financial markets exhibit cautious trading patterns in anticipation of substantial employment and central bank updates.
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