Stock Market Update

The stock market is now on track for a slightly higher open as mega-cap and tech names trim their pre-market losses, with a handful of "magnificent seven" names now trading higher in the pre-market. 

Whether the move turns into a full-blown buy-the-dip bid is yet to be seen, though the reversal from lower levels without a macro catalyst makes it a feasible possibility. 

Separately, the ADP report was better than expected. Private-sector employment increased by 42,000 positions in October (Briefing.com consensus: 26,000) following an upwardly revised loss of 29,000 positions (from -32,000) in September. Year-over-year pay growth was flat at 4.5% for job-stayers and 6.7% for job-changers, indicating a balance between the supply and demand for labor.

The key takeaway from the report is that the job gains were concentrated in large establishments. Small establishments and medium establishments saw losses of 10,000 and 21,000, respectively.