The Latest Breaking News from ADP

December S&P 500 E-Mini futures (ESZ25) are up +0.16%, and December Nasdaq 100 E-Mini futures (NQZ25) are up +0.20% this morning, pointing to a higher open on Wall Street as Treasury yields fell amid growing expectations for a Federal Reserve rate cut in December.

The S&P 500 Index ($SPX ) (SPY ) on Wednesday closed up +0.37%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed up +0.48%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed up +0.72%. December E-mini S&P futures (ESZ25 ) rose +0.36%, and December E-mini Nasdaq futures...

December Nasdaq 100 E-Mini futures (NQZ25) are trending down -0.57% this morning as investors digested weak earnings from notable tech players such as Advanced Micro Devices and Super Micro Computer, while concerns over lofty tech valuations continued to weigh on sentiment.

"The danger with this data is that its message will be given unwarranted credibility by the absence of proper economic data," said UBS's chief economist, Paul Donovan.

Markets enter November following a strong finish to October, with U.S. stocks closing higher on Friday as the S&P 500, Nasdaq, and Dow all posted gains driven by impressive tech earnings and optimism around potential Federal Reserve rate cuts.

When it comes to setting monetary policy for the world’s largest economy, what data drives decision-making?

Automatic Data Processing Inc (NASDAQ:ADP) is likely to have sustained the previous quarter's 7.5% year-on-year revenue growth, while its booking momentum could have improved, according to RBC Capital Markets.

A once-obscure data-sharing deal between ADP and the Fed helped shape monetary policy for years—until it abruptly vanished.

There's no replacement for the government's might in collecting data from all corners of the economy.