Stocks are little changed to start session after weak economic data: Live updates

Stock Market:

Stocks are little changed to start the shortened trading day on Wednesday, with the S&P 500 and Nasdaq Composite trading around flat, and the Dow Jones Industrial Average trading up by about 0.1%.

Job Market:

Initial claims for unemployment insurance edged higher for the week ending June 29, with first-time filings totaling 238,000, up 4,000 from the previous week and higher than the Dow Jones estimate for 233,000. Continuing claims, which run a week behind, totaled 1.858 million, an increase of 26,000 and the highest total since November 2021.

Private Payrolls:

Private payrolls increased by 150,000 in June, less than forecast and the lowest total since January, according to an ADP report. Wage growth slowed to a 4.9% pace from a year ago, the smallest increase since August 2021.

Stocks on the Move:

Tesla shares popped more than 3% in the premarket, putting the electric vehicle maker on pace for a seventh straight day of gains. The consumer discretionary sector also saw gains, with the sector closing at its highest level since January 2022, thanks to a 10.2% jump in Tesla shares and a 1.4% rise in Amazon.

Dollar Index:

The dollar index is poised to snap a four-week positive run, with the index, which measures the U.S. greenback against a basket of foreign currencies, having slipped about 0.2% week to date.

Paramount Rally:

Paramount rallied 9% on news of reignited Skydance Media merger talks, after National Amusements and Skydance called off talks for a deal in June.

Equity Risks:

Equity risks are due to rise in the latter half of the year, according to Goldman Sachs, with an uncertain backdrop that includes lofty valuations and increasing political risk. However, historical records indicate that a solid second half of the year usually follows a strong first half.

.st1{display:none}See more