US stock futures held steady as an upbeat Wall Street braced for the release of the June jobs report.
Futures attached to the Dow Jones Industrial Average (YM=F) ticked up 0.1%. Futures attached to the benchmark S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) flatlined.
Stocks rose on Wednesday, and the S&P 500 and Nasdaq hit record highs for the second time this week. President Trump’s trade deal with Vietnam boosted sentiment even as the July 9 deadline for the resumption of his most sweeping tariffs crept closer. Meanwhile, Trump’s major spending bill stalled in the House after passing the Senate on Tuesday. House Speaker Mike Johnson said he aims to pass the legislation by Friday, July 4.
Read more: The latest on Trump’s tariffs
The June jobs report, set for release Thursday, is expected to end the holiday-shortened week with a bang. Any labor market weakness will be closely watched as it could strengthen the case for an interest rate cut from the Federal Reserve sooner rather than later.
Recent signs of a softening in the labor market have given investors a new wave of confidence that a cut could be imminent. Trump’s ongoing feud with Federal Reserve Chair Powell —particularly reports he may announce a successor early — have further raised hopes for a reduction in rates.
Trading will end early on Thursday at 1 p.m. ET for the July Fourth holiday.
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Stock market coverage for Thursday, July 3, 2025.