Stock Futures Market Affected Following June ADP Data, Here's What "Traders" Need To Know!

<p>&nbsp;Stock market futures fell on Thursday after better-than-expected jobs data raised investor concerns about the interest rate outlook.</p><p><br /></p><p>Dow Jones Industrial Average futures lost 256 points, or 0.7%. S&amp;P 500 and Nasdaq-100 futures fell 0.7% and 0.8%, respectively.</p><p><br /></p><p>Private sector employment rose by 497,000 in June, according to data from payroll processing firm ADP. That was more than double the Dow Jones consensus estimate of 220,000 and also significantly better than the downwardly revised 267,000 gain seen in May. June saw the biggest monthly increase since July 2022.</p><p><br /></p><p>The ADP data, which is often unreliable and more volatile than other employment data, comes ahead of Friday's NFP report. Economists had expected 240,000 in last month's NFP data, down from 339,000 jobs added in May, based on the Dow Jones.</p><p><br /></p><p><br /></p><p>However, market players may now expect the higher number to prompt the Fed to continue its interest rate hike campaign. The central bank will next decide the interest rate decision on July 26.</p><p><br /></p><p>JetBlue Airways fell more than 1% in the premarket after the company announced it would end its partnership in the U.S. northeast. with American Airlines to focus on Spirit Airlines. American shares moved nearly 1% lower, while Spirit added more than 2%.</p><p><br /></p><p>Major indices posted modest losses. Wall Street reviewed the minutes of the Federal Reserve's June policy meeting, which indicated that most officials would support more hikes ahead.</p><p><br /></p><p>Traders are pricing in a nearly 89% chance of a hike at this month's central bank meeting, according to CME Group's FedWatch tool.</p>