U.S. stock futures turned around from early morning declines and were pointing to a strong Wall Street open Wednesday after Bloomberg reported the U.S. and China were edging closer to cementing a "phase one" trade deal before new U.S. tariffs go into effect against Chinese goods on Dec. 15. In comments from the NATO summit, President Donald Trump said Wednesday trade talks are going well and he'll see what happens. The Dow Jones Industrial Average sank for a third straight session Tuesday after Trump suggested he may want to delay a trade agreement with China until after the 2020 presidential election. However, the Dow still remains less than 2.5% away from record highs.
Ahead of the government's latest monthly employment report on Friday, the ADP's November private sector data showed job growth at U.S. companies slowing to 67,000 new positions, way below estimates for 150,000. November's tally also was a sharp decline from the 121,000 in October, which was revised down from an initially reported 125,000. At 10 a.m. ET, investors look to the Institute for Supply Management's November nonmanufacturing index to see if services are slipping like manufacturing. The service sector has been expanding for 117 straight months.
Larry Page is stepping down as CEO of Google-parent Alphabet, with Google head Sundar Pichai taking over as chief executive officer of the entire company in addition to his current duties. Sergey Brin, who started Google with Page in 1998, is stepping down as president of Alphabet and that role will be eliminated. Page became CEO of Alphabet in 2015 when Google reorganized to form the new parent company to oversee its "Other Bets" outside of its main search and digital ads businesses. Both Page and Brin will remain "actively involved" as members of Alphabet's board.
Democrats publicly released a new report accusing Trump of soliciting Ukraine to interfere in the 2020 election for his benefit and obstructing the impeachment inquiry in the House of Representatives. The report, written by the Democratic members of the House Intelligence, Oversight and Foreign Affairs committees, came on the eve of the next phase of the impeachment probe, where the House Judiciary Committee is expected to draft formal articles of impeachment against the president. House Republicans released their own report, asserting Democrats were attempting to tank Trump's reelection chances and "undo the will of the American people."
Trump was meeting Wednesday with German Chancellor Angela Merkel at the NATO gathering to celebrate 70 years of the military alliance. Tuesday evening, several NATO leaders were caught in an unguarded exchange on camera apparently gossiping about Trump's behavior. Without mentioning Trump by name, Canadian Prime Minister Justin Trudeau was seen standing in a huddle with French President Emmanuel Macron, British Prime Minister Boris Johnson seemingly to be talking about Trump's long and unscheduled question-and-answer session with journalists earlier Tuesday. In comments Wednesday, sitting next to Merkel, Trump called Trudeau "two faced," adding the Canadian leader is probably upset about being called out on underpaying NATO contributions.
— The Associated Press contributed to this report.