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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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Montreal Dockworkers Reject Final Offer, Lockout Declared

 

In a significant development, the Montreal Longshoremen’s Union has overwhelmingly rejected the final offer from the Maritime Employers Association (MEA), leading to an immediate lockout. The union, representing approximately 1,200 dockworkers, voted 99.7% against the proposed contract, citing the employer’s refusal to negotiate in good faith.

The MEA expressed disappointment over the outcome, stating that the lockout was unavoidable due to the union’s stance. Essential services and activities unrelated to dockworkers will continue at the port, but the lockout is expected to have substantial economic repercussions, given the Port of Montreal’s role as Canada’s second-largest port, handling nearly $400 million in goods daily.

Union advisor Michel Murray criticized the MEA’s approach, emphasizing that the offer did not address the union’s demands and that the conflict could have been avoided with proper negotiations. The federal labour minister has been urged to intervene to mitigate the economic impact of the lockout.

This lockout adds to the ongoing labor disputes at Canada’s major ports, with workers at the Port of Vancouver also locked out due to a separate contract dispute.


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