Stocks were holding near their records on Wall Street following mixed profit reports from companies, as Dollar General and Salesforce climb but Kroger falls.
Dollar General rallied after reporting a stronger profit for the latest quarter than analysts expected, as more customers shopped at its stores.
On Wednesday, markets rose to near record levels after the private payroll data firm ADP estimated U.S. job losses of 32,000 in November.
The surprisingly weak report from ADP may be discouraging for people looking for jobs, but it bolstered expectations that the Federal Reserve will cut its main interest rate next week. If the Fed does, it would be the third cut of the year.
While the government’s weekly jobless claims report due today [Macau time] doesn’t generally move markets, it may carry more heft this week. That’s because the more comprehensive November jobs report won’t come out until after the Federal Reserve decides on interest rates next week. That report was delayed due to the government shutdown.
Investors love lower interest rates because they boost prices for investments and can boost the economy. The downside is that they can fuel inflation, which remains above the Fed’s 2% target.
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