Dow Jones and S&P 500 set to notch new highs despite AMD and SpaceX falls

US private-sector hiring slowed to 44,000 jobs in July from 98,000 in June, missing the 65,000 forecast and pointing to cooling labour demand. The softer reading could give the Federal Reserve more scope to cut rates, weighing on Treasury yields and the dollar while supporting rate-sensitive technology and growth stocks. Meanwhile, Dow and S&P futures have picked up a little, both up around 0.5% now.

US stock indexes are expected to climb to new record highs on Wednesday as oil prices consolidate after a sharp recent fall and investors prepare for another packed round of corporate earnings, including Eli Lilly, Disney, Uber, SanDisk and Western Digital. Dow Jones and S&P 500 futures both were pointing 0.4% higher, extending all-time highs, while Nasdaq futures were up 0.2% as SpaceX and AMD shares fell sharply in pre-market trading. The prior session saw record closes for the S&P and Dow as lower energy prices eased inflation concerns and revived appetite for risk. West Texas Intermediate crude has edged up 0.4% to $76.09 a barrel in early trading, with the US oil price having fallen sharply from around $85 at the end of last week to a three-week low below $75 overnight, as hopes grow for an agreement to restore shipping through the Strait of Hormuz. Technology sentiment cooled slightly, with AMD shares down 8.8% in pre-market trading despite forecasting third-quarter revenue ahead of consensus. SpaceX is down 10.8% following the release of earnings overnight, the first since listing , more than reversing the previous day's gain.