OPEC Meets, ADP Jobs, Services Activity: 3 Things to Watch

By Liz Moyer

Investing.com -- Stocks shot higher for a second straight day as investors snatched up growth stocks once more.

Bond yields fell, helping to fuel a tech stock rally. One positive bit of news: job openings fell to the lowest since June 2021. That indicates even the red-hot job market is cooling, something the Federal Reserve wants to see before it eases off on its aggressive interest rate hikes. The news gave investors hope that that easing could come before the end of the year.

More word on jobs comes later this week with the government's report on the labor market for September. Before that, the private payroll assessment from ADP comes out tomorrow.

A less hawkish Fed could be another catalyst for a rise in stocks this year despite persistent news from companies that they are slowing or freezing hiring, laying people off, and seeing margins contract.

Another saga investors are following is Twitter and the deal from Elon Musk to buy it for $44 billion. That took another turn on Tuesday when Musk indicated he would proceed with his original offer. The two sides had been headed to court this month. Now it remains to be seen if and when they can agree.

Here are three things that could affect markets tomorrow:

1. OPEC meeting

Delegates of the Organization of the Petroleum Exporting Countries are meeting in Vienna on Wednesday with allies to talk about production goals. Expectations are for a big cut, perhaps as many as one million barrels a day. The meeting starts at 6:00 ET (10:00 GMT).

2. ADP payrolls

The ADP nonfarm job report comes out at 8:15 ET. Analysts expect to see 200,000 jobs added in September, which would be up from 132,000 the prior month.

3. Services activity

The ISM non-manufacturing business activity reading is available at 10:00 ET. Analysts expect the number to be 57, down from 60.9.