The stock market opened mostly lower Wednesday.
The Dow Jones Industrial Average dropped 0.1%, while the S&P 500 dipped 0.1% and the Nasdaq Composite was up 0.1%.
The market needs everything to unfold perfectly in order to gain much more from here. The S&P 500 is up more than 20% for the year, reflecting that the economy will continue to grow, but not so quickly that high inflation will reemerge.
If that happens, the Federal Reserve would hold back on cutting interest rates, which it would let to continue to do, as the central bank looks to keep the economic expansion alive.
That thesis, while largely intact, had a wrinkly Wednesday. ADP jobs numbers for October came in higher than expected, undermining the notion that the Fed will aggressively cut rates again in November.
The key jobs report, though, comes out Friday from the Bureau of Labor Statistics.