Wall Street Set for Higher Open Amid Awaited Payrolls Data and Fed Minutes

Wall Street's indexes are predicted to open higher as investors await updated U.S. payrolls data and minutes from the Federal Reserve’s July meeting. Economists anticipate a downward revision in job creation figures. Meanwhile, the Fed's policy outlook and upcoming interest rate decisions drive market sentiment.

Wall Street's indexes are slated for a higher open on Wednesday as investors look forward to updated U.S. payrolls data and the minutes from the Federal Reserve's July policy meeting.

The Bureau of Labor Statistics' report, due at 10:00 a.m. ET, may revise job creation data downward, with Goldman Sachs forecasting up to 1 million fewer jobs than previously counted between April 2023 and March 2024. "I don't believe we have a real weakening of the job market, so we're not going to have a revision that is going to spook the market," Phil Blancato, CEO of Ladenburg Thalmann Asset Management, said.

Latter in the day, investors will scrutinize the Fed's latest meeting minutes ahead of Chair Jerome Powell's much-anticipated speech at the Jackson Hole symposium. "My bigger concern is what's happening with the Fed. If they come out as a bit more hawkish and there's not a lot of guarantee that they're going to cut in September, then you could have a scenario where the market sells off quite rapidly," Blancato added.

(With inputs from agencies.)