U.S. stock futures edged higher as investors looked ahead to a key employment report after the July 4th holiday. Economic slowdown signs have raised hopes for a potential interest rate cut in September.
The Labor Department’s report, due at 8:30 a.m. ET is expected to show a rise of 190,000 non-farm payrolls in June, down from 272,000 in May. The unemployment rate is forecast to stay at 4%, with average hourly earnings up 0.3%.
David Morrison, senior market analyst at Trade Nation, noted strong job numbers could complicate Fed rate cut plans due to potential inflation. Earlier reports indicated easing labor conditions and decreased service activity and factory orders.
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The likelihood of a 25-basis-point rate cut in September rose to 68% from 58%, per CME Group’s FedWatch Tool.
As of 5:11 a.m., ET, Dow e-minis were up 0.06%, S&P 500 e-minis rose 0.04%, and Nasdaq 100 e-minis increased 0.1%. The S&P 500 and Nasdaq hit record highs on Wednesday, with all major indexes set for weekly gains.
Tesla rose 1.7% in premarket moves, and Macy’s climbed 2% on an increased buyout bid. Cryptocurrency stocks like Coinbase and Riot Platforms fell 7%-8% after bitcoin dropped to a four-month low.
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