US stock market futures today mixed: S&P and Nasdaq gain while Dow dips — here are the top stocks to watch as traders eye jobs report
U.S. stock futures were steady but split on Thursday morning, September 4, 2025. Dow Jones Industrial Average futures dipped 0.08%, S&P 500 futures edged up 0.13%, and Nasdaq 100 futures climbed 0.19%, reflecting investor caution ahead of critical labor market data.
Traders are positioning ahead of private payroll and services data due later today, numbers that could heavily influence expectations for Federal Reserve rate cuts.
The session is shaping up as a balancing act between optimism around mega-cap tech and caution over economic cracks.
Today’s Market (Sept 4, 2025, Pre-Market)
| Index | Futures Move | Sentiment |
| Dow Jones | ↓ 0.08% | Slightly weaker |
| S&P 500 | ↑ 0.13% | Mildly positive |
| Nasdaq 100 | ↑ 0.19% | Tech-driven gains |
U.S. stock futures are trading cautiously this Thursday as investors brace for crucial labor market data. The Dow Jones is slightly lower, but the S&P 500 and Nasdaq are holding gains thanks to strength in big tech stocks like Google, Apple, and Tesla. The split signals one thing: traders want clarity on the economy before making bold bets. With the Federal Reserve likely to cut rates this month, every jobs number matters.
Tech Titans Drive Nasdaq Higher
The Nasdaq remains buoyed by heavyweight tech stocks. Alphabet (GOOGL) surged over 9% Wednesday after a Washington court allowed it to maintain its lucrative search agreement with Apple, though barred exclusive contracts. That ruling not only protected a revenue stream worth roughly $20 billion annually but also reassured markets that harsher remedies were off the table.
Apple (AAPL) shares rose nearly 4%, breaking out of a long consolidation phase, while Tesla (TSLA) signaled a short-term entry before fading into the close.
By contrast, Nvidia (NVDA) failed to regain its 50-day moving average and Palantir (PLTR) reversed below the same level, signaling near-term weakness in high-flying AI stocks.
This split highlights a rotation within technology, where select megacaps continue to outperform while speculative AI names face resistance.
Top Stocks to Watch Today
- Alphabet (GOOGL): Jumped more than 9% after winning a favorable antitrust ruling. The stock is extended but remains a market driver.
- Apple (AAPL): Up nearly 4%, clearing a buy point. Watch if momentum continues as the Google deal secures a key revenue stream.
- Tesla (TSLA): Flashed an aggressive buy signal but faded late. Traders eye the next move as optimism around robotaxi plans builds.
- Salesforce (CRM): Down 6% premarket after weak revenue guidance. A key test for whether AI-driven enterprise demand can translate into real growth.
- Figma (FIG): Plunged over 15% after its first earnings as a public company fell flat. Volatility likely to remain high.
- Credo Technology (CRDO): Jumped on strong AI connectivity demand — a quiet but powerful AI infrastructure play to monitor.
- American Eagle Outfitters (AEO): Surged 23% on upbeat forecasts, showing how retail is leveraging celebrity partnerships to drive sales.
- Nvidia (NVDA) & Palantir (PLTR): Both hit resistance at the 50-day line. Their ability to reclaim momentum will signal whether the AI trade still has fuel.
Corporate Earnings Paint a Divergent Picture
Earnings releases amplified the crosscurrents in futures trading.
- Salesforce (CRM) dropped 6.6% in premarket after issuing weaker-than-expected revenue guidance, raising concerns over monetization of its AI offerings.
- Figma (FIG) tumbled more than 15% after its first post-IPO results disappointed investors who had chased its record-breaking debut in August.
- Credo Technology (CRDO), by contrast, jumped on upbeat AI-related demand, while American Eagle Outfitters (AEO) soared 23% after forecasting stronger sales, boosted by celebrity partnerships.
The contrast shows how earnings season has shifted the focus from hype to execution, particularly in the AI and consumer retail sectors.
All Eyes on Jobs Data
Beyond individual stocks, the labor market dominates investor focus. Thursday’s session brings the ADP private payrolls report at 8:15 a.m. ET, weekly jobless claims at 8:30 a.m. ET, and the ISM services index at 10 a.m. ET.
These data points set the stage for Friday’s nonfarm payrolls report, widely viewed as the most important market event of the week.
Here’s what’s on the economic calendar today:
- ADP Payrolls (8:15 a.m. ET)
- Jobless Claims (8:30 a.m. ET)
- ISM Services Index (10 a.m. ET)
Recent signals suggest a weakening job market. July payrolls were dismal, while the latest JOLTS report showed job openings at multi-year lows. Traders are now pricing in a 97% probability of a Federal Reserve rate cut in September, up from 90% earlier this week, according to CME FedWatch. If Friday’s jobs data confirm further cooling, the Fed may be compelled to ease sooner, despite still-high inflation readings.
Bonds, Commodities, and Global Markets
The 10-year Treasury yield hovered near 4.20%, extending Wednesday’s decline after dovish signals from Fed officials John Williams and Austan Goolsbee. Lower yields are lending some support to equities, particularly in tech.
In commodities, crude oil futures slid below $64 per barrel, down more than 3% in two sessions, as OPEC+ prepared to boost output.
Gold slipped to $3,598 per ounce, reflecting muted safe-haven demand ahead of payrolls.
Globally, European stocks opened higher, with investors digesting U.S. tariff policy after a federal appeals court struck down large parts of President Trump’s trade levies. In Asia, markets were mixed: Japan’s Nikkei rose 1.5% while China’s Shanghai Composite and Shenzhen indexes slumped over 1%.
What It Means for Investors
Today’s futures action underscores a market in transition. Tech megacaps continue to anchor sentiment, but weaker guidance from firms like Salesforce and the struggles of high-beta AI names show that the rally is narrowing. With labor market data looming, traders are reluctant to take bold positions, preferring to wait for clarity on the Fed’s next move.
For now, investors may want to stay selective, keep exposure balanced, and avoid chasing stocks that are already extended.
FAQs
Q1. What do US stock market futures today reveal for Dow, S&P 500, and Nasdaq?
A1. They show a mixed market, with S&P 500 and Nasdaq gaining while Dow lags as traders await key jobs data.
Q2. Which top stocks to watch today could drive US stock market futures?
A2. Apple, Alphabet, Tesla, Salesforce, and Nvidia are in focus as they shape Nasdaq, S&P 500, and Dow moves.