NASDAQ and S&P 500 resume the tone of gains

US stock indices rose during Wednesday trading following the release of economic data that boosted expectations of a potential interest rate cut.

ADP data revealed that the US private sector lost 33,000 jobs last month, marking the first monthly decline since March 2023, while estimates had pointed to an increase of 100,000 jobs.

This data supported a rise in the probability of a Federal Reserve rate cut at the July meeting to 23.3%, up from 20% the previous day, according to the CME FedWatch Tool.

A Fed member stated yesterday that the US central bank would put a rate cut on the table for discussion and voting if there is clear evidence of a slowdown in labor market growth.

As for trading, the Dow Jones Industrial Average rose by 0.1% (or 24 points) to 44,518 points as of 16:26 GMT, while the broader S&P 500 index rose by 0.2% (or 15 points) to 6,213 points, and the Nasdaq Composite climbed 0.7% (or 148 points) to 20,350 points.