NEW YORK: Wall Street stocks edged higher early Thursday following lackluster US hiring data that added to expectations for Federal Reserve interest rate cuts.
US private sector employment rose by 54,000 last month, down from a revised 106,000 in July and below analyst expectations, according to payroll firm ADP.
The figures come ahead of Friday’s monthly government jobs data for August, which is expected to show tepid employment growth.
About 55 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 45,332.76.
The broad-based S&P 500 climbed 0.2 percent to 6,460.68, while the tech-rich Nasdaq Composite Index also gained 0.2 percent to 21,536.16.
Nasdaq rises on gains by Google parent Alphabet, Apple
Markets will perceived the ADP figures as a “weaker-than-expected report,” said Carl Weinberg, chief economist at High Frequency Economics.
“Today’s headline will make market participants increase expectations for a Fed rate cut,” Weinberg said, adding that Friday’s jobs data will also be critical.
Among individual companies, Salesforce fell 7.1 percent on disappointment with the company’s revenue outlook.