Following a significant jobs report and in advance of the Federal Reserve’s interest rate announcement, the Dow Jones Industrial Average fell on Wednesday morning. Following the late-Tuesday release of its quarterly earnings data, chip giant Advanced Micro Devices saw a rise.
The ADP National Employment Report, which was released early on Wednesday, revealed that private payrolls added 239,000 jobs in October, up from 208,000 in September and more than expected. In advance of the precise figures disclosed in the Labor Department’s jobs report on Friday, the study offers a preliminary assessment of monthly hiring.
The Fed’s decision on interest rates is scheduled at 2 p.m. ET, and Fed Chair Jerome Powell will speak at 2:30. According to the CME FedWatch Tool, investor sentiment indicates an 88% probability of a 75 basis-point raise.
Advanced Micro Devices (AMD), Airbnb (ABNB), Chesapeake Energy (CHK), CVS Health (CVS), Devon Energy (DVN), and Paycom Software were the top earnings movers on Wednesday (PAYC).
Despite missing Wall Street’s revised estimates for the third quarter and providing disappointing sales guidance, AMD stock increased by 5%. ABNB stock experienced a 4% decline in morning trading. CVS stock increased 2% and Chesapeake stock increased 1%. Devon shares lost their early gains and fell by about 4%. The Paycom stock also declined slightly.
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