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Sarge986 President Stephen Guilfoyle backs KTOS as a market favorite.
US equity futures rallied on Wednesday as traders waited for an update on the state of the labor market.
Futures on the Dow Jones Industrial Average rose 115 points, or 0.33%, while S&P 500 and Nasdaq 100 futures jumped 0.34% and 0.21%, respectively. The first lead comes after the top three averages in August, with the S&P extending its monthly winning streak to seven.
ADP’s employment report, which will be released at 8:30 a.m. ET on Wednesday, is expected to show that last month’s private payrolls added 613,000 workers. The report will set the stage for Friday’s jobs report.
In stocks, Robinhood Markets Inc. announced that the United States Securities and Exchange Commission is reviewing a recent filing to sell shares by existing shareholders. The developer of the trading app said no sales announced in the case can be made until the SEC investigation is completed.
In terms of profits, Campbell Soup Co. warned that increasing costs of packaging, ingredients and shipping would reduce margins, and guided profits and revenues for the entire year below expectations.
PVH Corp., owner of brands such as Tommy Hilfiger and Calvin Klein, raised its outlook for the full year following a strong performance from its international operations, particularly in Europe. The clothing company, which made a profit after posting a loss a year ago, has beaten analysts’ estimates in terms of both earnings and revenue.
Chewy Inc. and Smith & Wesson Brands Inc. are among the companies due to report quarterly results after Wednesday’s closing bell.
In the agreements, a U.S. regulator rejected a fiduciary voting structure, on antitrust grounds, that would have allowed the Canadian National Railway Co. to move forward with its plan to buy rail operator Kansas City Southern for $ 29 billion. The move could open the door for Kansas City Southern to pursue a separate offer from Canadian Pacific Railway Ltd.
Elsewhere, miners, including Freeport-McMoRan Inc. and BHP Group Ltd., slipped after weak data from Chinese factories pushed copper prices down.
In commodities, West Texas Intermediate crude oil climbed 10 cents to $ 68.60 a barrel and gold slipped $ 2.30 to $ 1,815.80 an ounce.
Overseas markets were generally higher.
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The French CAC 40 drove gains in Europe, trading up 1.05%, while the UK FTSE 100 and German DAX 30 climbed 0.67% and 0.21% respectively.
In Asia, Japan’s Nikkei 225 rose 1.29%, China’s Shanghai Composite added 0.65%, and Hong Kong’s Hang Seng index edged up 0.58%.
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