Private Payrolls Increased More Than Expected

A stronger-than-expected ADP private-sector payrolls report (April +109K vs +84K est.) lifted pre-market sentiment and helped propel U.S. equity futures higher. Major indexes opened notably higher — the Dow/Jones, S&P 500 and Nasdaq showed sizable gains — with small caps again leading the advance. Energy prices eased as WTI and Brent dipped below $100/bbl, removing a near-term inflation/headline risk. Corporate earnings beats from Disney, CVS and Novo Nordisk added to risk-on momentum. Overall, the ADP print and earnings surprises combined to produce a bullish market reaction and upside pressure on the US SP 500 in early trading.