Wednesday's trading: 5 things to know
The government will release the monthly employment report on Friday and investors will get a report on the current number of job openings
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Here are the key events taking place on Wednesday that could impact trading.
FED MINUTES: Traders and investors will get some insight Wednesday afternoon into last month's decision by the Federal Reserve to raise its benchmark interest rate by 75-basis points for the first time in nearly three decades.
There could be hints from the policymaker's debate if another hike of that size is on the table. The Fed will publish minutes from the meeting at 2 p.m. ET.
Federal Reserve Chairman Jerome Powell speaks during a news conference following an Open Market Committee meeting at the Federal Reserve Board Building. (AP Photo/Jacquelyn Martin / AP Newsroom)
S&P GLOBAL REPORTS: Reports on the services sector and the labor market are on deck Wednesday morning. These will be the final reports on global services and composite PMIs for June. The flash readings two weeks ago were 51.6 and 51.2 respectively. Keep in mind that readings of more than 50 signals expansion.
ADP REVAMPING NATIONAL EMPLOYMENT REPORT
PMI REPORT: The Institute for Supply Management releases its non-manufacturing PMI for June. This important gauge of services sector activity is expected to slip for a third straight month to 54.3, the lowest since May 2020.
Server in a luxury restaurant after pandemic. (iStock / iStock)
The index has trended lower since hitting a record 68.4 in November. Again, any reading above 50 indicates an expanding services sector.
JOLTS REPORT: The Labor Department is expected to say that there were 11.0 million job openings available at the end of May, down from 11.4 million in April and a record 11.855 million in March. The number of jobs that need to be filled is nearly double the number of people looking for work.
UPCOMING JOBS REPORT WILL BE ‘BIG MARKET MOVER’: INVESTMENT EXPERT
This elevated level of openings signals an extremely tight labor market as employers struggle to fill positions amid supply shortages and a slowing economy.
Electronic cigarettes and pods by Juul, the nation's largest maker of vaping products. (Scott Olson/Getty Images / Getty Images)
JUUL ORDER: The Food and Drug Administration (FDA) on Tuesday announced an administrative stay on the order it issued last month suspending sales of Juul e-cigarettes.
FDA TEMPORARILY SUSPENDS ORDER BANNING JUUL E-CIGARETTE SALES
The agency's tobacco division wrote in a Twitter thread that the stay temporarily suspends the marketing denial order amid an additional review, but does not rescind it. The FDA had initially issued an order on June 23 banning the sale of Juul e-cigarettes.