Stock Futures Slightly Higher Amid Employment Data

Wall Street is looking to recover from yesterday's dismal outing, with stock futures inching higher Wednesday. Investors are unpacking the latest ADP jobs report, which showed an unexpected surge in hiring last month, with private payrolls rising by 296,000 against economists' estimates of 133,000. In response, Futures on the Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) are all above fair market value.

Additionally, traders are waiting for the the Federal Reserve to wrap up its two-day policy meeting this afternoon. Meanwhile, oil prices are tumbling, with June-dated crude hitting its lowest level since March 27.

• Schaeffer's Senior Quantitative Analyst Rocky White breakdown what small-cap underperformance means for stocks.
• The best and worst stocks to own in May.
• Plus, Eli Lilly's Alzheimer's drug update, and 2 earnings reports to unpack.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1 million call contracts and 818,054 put contracts exchanged on Tuesday. The single-session equity put/call ratio rose to 0.78 and the 21-day moving average stayed at 0.77.
2. Shares of pharmaceutical concern Eli Lilly And Co (NYSE:LLY) are 5.9% higher premarket, and adding to a 10.5% year-to-date lead. This move higher comes after the company reported positive clinical trial data from its drug donanemab, which proved to slow the progression of Alzheimer's disease.
3. Starbucks Corp (NASDAQ:SBUX) is rolling in bull notes after beating analysts' expectations for fiscal second-quarter results. Specifically, the coffee chain operator nabbed at least four price-target hikes after topping earnings and revenue expectations, and reaffirmed its annual outlook. SBUX is brushing off the good news, down 5% before the bell, though it's coming into today with a more than 51% year-over-year lead.
4. Up 38.8% in 2023, Advanced Micro Devices, Inc. (NASDAQ:AMD) is on track to cut into this lead after providing lower than expected current-quarter guidance. The shares are 5% lower in electronic trading, even after the semiconductor giant beat top- and bottom-line estimates, and scored a deluge of bull notes.
5. Today features the ISM services index. A statement from the Federal Reserve regarding interest rates and a speech from Fed President Jerome Powell is also expected.  

Overseas Investors Eye Stateside Fed Meeting

Asian markets closed lower on Wednesday, with focus on the upcoming Fed meeting stateside. Hong Kong’s Hang Seng led the region with a 1.2% drop, as energy and healthcare stocks weighed. The South Korean Kospi followed behind with a 0.9% fall, after the Bank of Korea’s governor Rhee Chang-Yong said it’s too early to start talking about rate cuts. Elsewhere, China’s Shanghai Composite and Japan’s Nikkei were closed for holiday.

European markets are pushing higher despite a choppy bank sector. London’s FTSE 100 is up 0.4%, while the French CAC 40 rises 0.7%, and the German DAX jumps 0.8%.