Stock market today: Dow, S&P 500, Nasdaq futures hit pause after back-to-back losses with jobs data on deck
US stocks trod water before the bell on Thursday as Wall Street waited for fresh jobless data to help calculate interest-rate odds amid uncertainty about Federal Reserve unity on policy.
Futures on the Dow Jones Industrial Average (YM=F) and the S&P 500 (ES=F) both wobbled along the flat line. Meanwhile, contracts on the tech-heavy Nasdaq 100 (NQ=F) nudged down 0.1%, after the major gauges closed lower for a second day.
Markets are putting the brakes on stocks’ recent record-breaking rally amid debate over whether AI fervor is stretching valuations too much. At the same time, the uplift from the Federal Reserve’s switch to lowering rates is fading, as signs of division among policymakers dents hopes for another two cuts this year.
The spotlight is now on weekly jobless claims data due later, given Fed officials have highlighted concerns about slowdown in the labor market. Thursday’s docket also brings readings on US second quarter GDP, personal consumption, and existing home sales, among other economic data.
That sets the stage for Friday’s release of the Personal Consumption Expenditures index, the Fed’s preferred gauge of inflation. The PCE print for August is expected to show an easing in price pressures, which could make a case for a shift in rates policy.
In corporates, Costco (COST) is expected to report its quarterly results after the bell on Thursday. Investors expect to see a jump in sales as shoppers pursue deals amid economic uncertainty.
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