As Wall Street futures positioned themselves on a steady trajectory ahead of Thursday’s opening bell, traders were seen taking strategic positions in anticipation of essential national employment reports. The Challenger Job-Cut Report for August is set to be released at 7:30 am ET, followed by the ADP Employment Report at 8:15 am.
The latter report is often regarded as a precursor to the national employment situation report, which is scheduled for release on Friday. Recent data from the Job Openings and Labor Turnover Survey (JOLTS), published on Wednesday, indicated softer labor markets, potentially increasing the likelihood of a more accommodative stance from the Federal Reserve.
In the futures market, the S&P 500 remained steady, while the Nasdaq showed a slight decline of 0.1%, and the Dow Jones recorded a modest increase of 0.1%. Asian exchanges exhibited uneven trading overnight, as European bourses trended moderately downwards during midday trading across the continent.
Notably, shares of C3.ai (AI) fell sharply by 19% in pre-bell trading after the company, known for its artificial intelligence-enhanced business software, released quarterly earnings that met expectations but provided tempered guidance late Wednesday. Additionally, Toro (TTC) is among the companies planning to report earnings before the bell, contributing to a busy earnings schedule that investors are keenly monitoring. The economic calendar for the day is packed.
Besides the two monthly employment reports, the weekly jobless claims bulletin is set to be released at 8:30 am, along with the Q2 productivity and costs report. Key indicators such as the S&P Global US PMI composite final for August will be published at 9:45 am, followed by the ISM Services Index for August at 10 am. Completing the economic updates, the weekly EIA natural gas report and the EIA weekly petroleum status report are both scheduled for release at 11 am.
In premarket activity, Bitcoin was trading at $56,732, West Texas Intermediate crude oil was stable at $69.40, and 10-year US Treasuries were yielding 3.77%. Spot gold was trading at an impressive $2,514 an ounce. It is worth tracking the performance of the major indices, including the $US30 and $US500, as economic indicators unfold throughout the day, potentially influencing market sentiment and trading patterns..