us stock futures rose on wednesday ahead of a busy few days of top drawer economic data and commentary on tuesday the dow jones industrial average djia fell 11 points or 003 to 33136 the sp 500 spx declined 15 points or 04 to 3824 and the nasdaq composite comp dropped 80 points or 076 to 10387 equity futures were firmer as traders awaited a flurry of us data in coming sessions that may test the market’s hopes that the federal reserve is near the end of its monetary tightening cycle wall street’s benchmark sp 500 fell nearly 20 in 2022 after the fed tried to combat multidecade high inflation by raising interest rates 425 basis points in just nine months a move that risks recession and lower company earnings on wednesday the december ism manufacturing index will be published alongside job opening figures for november both due at 10 am eastern then at 2 pm the fed will release the minutes of its december policy meeting the next day sees the adp employment report initial jobless claims and a survey of the services sector while friday will deliver another services index and the always eagerly anticipated nonfarm payrolls report several fed officials also will be making comments equity bulls will be hoping that all together the rash of reports will show an economy that is showing signs of cooling though not too much and this will allow the us central bank to slow the pace of interest rate rises “the market continues to price in the likelihood of a further 025 interest rate rise from the fed in february with a terminal rate of around 5 later in the year” said richard hunter head of markets at interactive investor “as time progresses and the time lag from previous rate rises diminishes the full effects of the tightening should become clearer with the major concern remaining that the aggressive hiking policy so far could tip the world’s largest economy into recession” hunter added the positive tone on wednesday was being helped by a 29 jump for hong kong’s hang seng hsi following reports that beijing was considering further support for china’s embattled property sector according to bloomberg however mark newton head of technical strategy at fundstrat noted that the stock market’s first day of trading after the new year break – particularly the poor performance of some big tech stocks like apple aapl – did not bode well apple was downgrade by exane bnp paribas on tuesday to neutral “tuesday’s reversal caused prices to close back below 1227’s sp 500 close of 382926 making it important to concentrate on 3764 on the downside and 3900 on the upside as important levels” he wrote in a note to clients “yet the downward tug of largecap technology along with bearish cycle projections for january still argue that the path of least resistance might be lower over the next couple weeks before any low is in place however this doesn’t imply that october lows have to be tested or broken right away” newton added