Stocks Opened Higher after Jobs Data

U.S. stocks opened higher on Wednesday, with the tech shares leading gains, despite disappointing private payrolls report. The Dow Jones Industrial Average lately added 196.75 points, or 0.33%, to 28,739.63. The S&P 500 rose 12.82 points, or 0.36%, to 3,539.47. The Nasdaq Composite gained 83.40 points, or 0.70%, to 12,023.07.

Oil futures traded higher Wednesday, finding support on signs of a slower-than-expected rebound in crude output by the OPEC+ alliance and a steeper-than-expected fall in U.S. inventories. West Texas Intermediate crude for October delivery rose 25 cents, or 0.6%, to $43.01 a barrel. November Brent crude was up 31 cents, or 0.7%, at $45.89 a barrel.

The US economy regained fewer than expected private jobs in August. Private payroll gains totaled 428,000 in August, coming in at less than half consensus economist estimates for 1 million, according to Bloomberg-compiled data.

Macy’s Inc (M) reported a smaller-than-expected quarterly loss and beat sales estimates on Wednesday. Net loss came in at $431 million, or $1.39 per share, in the second quarter, compared with a profit of $86 million, or 28 cents per share, a year earlier. Net sales fell 35.8% to $3.56 billion, but beat analysts’ estimates of $3.48 billion, according to IBES data from Refinitiv.

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