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Wall Street Futures Edge Higher as Soft Jobs Data Fuels Rate-Cut Hopes

  US stock futures ticked upward on Wednesday, extending Wall Street’s rebound as investors digested a weaker-than-expected ADP employment report. The data showed a surprise decline in private-sector payrolls, reinforcing expectations that the Federal Reserve may move forward with an interest rate cut at its upcoming December meeting. Market Performance Dow Jones Industrial Average futures rose about 0.2%, adding 80 points to 47,624. S&P 500 futures gained 9.25 points to 6,849.50, up 0.14%. Nasdaq 100 futures advanced 25.50 points to 25,631.50, a 0.10% increase. Key Drivers The ADP jobs report revealed a drop in private-sector employment, signaling cooling labor market conditions. This bolstered investor confidence that the Fed will ease monetary policy, with markets pricing in nearly 88% odds of a rate cut next week. Tech stocks continued to provide momentum, with Nvidia and Marvell edging higher. Crypto-linked stocks surged, with PMAX up 67%, CMCT up 30%, a...
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Amazon Prime Day Sales Projected to Reach $14 Billion: A Shopping Extravaganza

 

Shoppers are gearing up for Amazon’s annual Prime Day, a two-day shopping event that’s expected to break records. According to projections from Adobe Analytics, a firm specializing in e-commerce transaction data, consumers are likely to spend approximately $14 billion during this year’s Prime Day.

What to Expect:

  • Date: Prime Day typically takes place in July, but this year, Amazon shifted it by five days on the calendar.
  • Sales Momentum: Day 1 of Prime Day 2023 already set a sales record, although Amazon doesn’t disclose total figures. Last year, shoppers spent $12.7 billion during Prime Day, a 6.1% increase from the previous year.
  • Back-to-School Bargains: Prime Day has become a season for savvy shoppers seeking deals on back-to-school essentials like clothing, electronics, and dorm supplies.
  • Competition: Rivals like Walmart and Target are launching their own July discounts to compete with Amazon’s shopping extravaganza.
  • Consumer Behavior: After years of high inflation, shoppers are now more willing to spend, using Prime Day as an opportunity to shop for back-to-school items.

In summary, Prime Day isn’t just about discounts; it’s a retail phenomenon that transforms July into a bargain-hunting season. As consumers flock to Amazon, other retailers are vying for a slice of the $38.8 billion projected to be spent on back-to-school merchandise this summer. So, get ready to click and save during this shopping bonanza! 

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