Wall Street opens higher after ADP jobs data

The main indices on Wall Street opened on the front foot on Wednesday after the latest ADP jobs report showed a surge in private sector hiring in April, although less than analysts had expected. Shortly after the opening bell, the Dow Jones Industrial Average was up 0.15% at 34,184, while the S&P 500 climbed 0.47% to 4,184 and the Nasdaq rose 0.85% to 13,748. Ahead of the widely-watched official non-farm payroll numbers due on Friday, the ADP survey showed 742,000 jobs were added last month. Analysts had been expected a figure of around 850,000. But the March figure was revised up from 517,000 to 565,000. Despite the miss, the data is likely to boost hopes of an economic recovery from the pandemic over the summer as vaccinations and an easing of lockdowns see normality return. 7:45am: Wall Street to stage recovery Wall Street is set to recover after Tuesday's caution as US Treasury Secretary Janet Yellen rattled the cages with talk of interest rate rises. The Dow Jones Industrial Average, which ended off its worst levels despite Yellen's comments, is expected to open 70 points or 0.22% higher at around 34,203 while the S&P 500 is forecast to rise by 0.3%. The Nasdaq Composite, which bore the brunt of Tuesday's selling and fell 1.88% as growth stocks fell out of favour again,  is set to recover by around 0.5%. On the data front, there is the latest private-sector payroll report from ADP, which is expected to show a rise from 517,000 in March. The numbers come ahead of the widely-watched non-farm payroll numbers, due on Friday. Michael Hewson at CMC Markets said: "Expectations for [the ADP report for] April are for another 850,000 jobs to be added; which on the face of it seems a little low when compared to last month's non-farm payroll number of 916,000 and the expectation this week that could see 1m jobs added on Friday. "The ADP report appears to be lagging behind when it comes to adding back headcount, which means that at some point we could well see a bit of a catch-up." Four things to watch for on Wednesday: Big cap firms delivering earnings mid-week include PayPal Inc (NASDAQ:PYPL), ride-hailing giant Uber Technologies Inc (NYSE:UBER) and Booking.com owner Booking Holdings Inc (NASDAQ:BKNG) Dogecoin is back in the news after it once again surged to a record value, making it the world’s fourth most valuable crypto by market cap Shares in casino group Caesars Entertainment Inc (NASDAQ:CZR) may also be in focus after its executives said weekend trips to Las Vegas are sold out for the foreseeable future On the macro front, aside from the ADP jobs numbers, investors will be keeping an eye on the US services PMI data for April