Stock Index Futures Higher as Investors Digest U.S. ADP Jobs Report

Market Performance - Wall Street's major indexes ended in the red, with chip stocks leading the decline, particularly Micron Technology (MU) which fell about -8% [1] - Mining stocks also plummeted, with Hecla Mining (HL) down over -11% and Coeur Mining (CDE) down more than -10% [1] - MongoDB (MDB) saw a significant drop of over -22% after issuing weak guidance for FQ1 adjusted EPS and FY27 revenue [1] - On a positive note, Best Buy (BBY) rose more than +7% following better-than-expected Q4 adjusted EPS results [1] Employment Data - ADP reported that private-sector job growth in February exceeded expectations, with 63,000 jobs added, a significant increase from January's revised total of 11,000 jobs [2] Oil Market - WTI crude oil prices traded near $75 a barrel after earlier gains were lost, influenced by geopolitical tensions and U.S. measures to ensure safe passage for oil tankers [3] Economic Indicators - U.S. rate futures indicate a 97.3% probability of no rate change at the upcoming Fed meeting, with economists closely monitoring the ISM Non-Manufacturing PMI and S&P Global Services PMI [7] - The EIA's weekly crude oil inventories report is expected to show a decrease to 3.0 million barrels from last week's 16.0 million barrels [8] Earnings Reports - Notable companies such as Broadcom (AVGO), Veeva Systems (VEEV), and Okta (OKTA) are set to release quarterly results [9] - In pre-market trading, Moderna (MRNA) gained over +6% after announcing a $950 million settlement related to patent litigation [19] International Markets - Asian stock markets closed lower, with China's Shanghai Composite Index down -0.98% and Japan's Nikkei 225 down -3.61% [12] - Japan's Nikkei 225 experienced its largest daily percentage drop since April 2025, influenced by the ongoing Middle East conflict [15]