US stock futures trod water on Tuesday as investors waited for a revision to jobs numbers, seen as likely to show further labor-market weakness that could reset expectations for interest-rate cuts.
Dow Jones Industrial Average futures (YM=F) fluctuated along the flat line, while those on the S&P 500 (ES=F) nudged up 0.1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) put on roughly 0.2%, after stocks rose on Monday to stay in record-high territory.
Markets are treading cautiously on Tuesday as a revised look at US employment looms, with the regular update taking higher economic and political prominence than usual. Economists predict the Bureau of Labor Statistics will slash about 700,000 jobs from the level of employment for the year to March 2025.
The data lands as debate reigns over how the Federal Reserve will react after a slew of indications that the labor market is slowing down. Those signs have convinced traders that an interest-rate cut is coming when Fed policymakers meet next week. Now the question has shifted to how large the reduction might be, and whether that will be a boon for stocks.
Reports on inflation crucial to Fed thinking are due later in the week, with the latest reading of the producer price index (PPI) on Wednesday and the consumer price index (CPI) on Thursday. The CPI and PPI readings will shine light on whether rising prices could become a significant stumbling block to deep or sustained rate cuts.
Also in focus is Apple’s (AAPL) annual fall event, where the tech giant is expected to showcase devices including the iPhone 17 and iPhone Air, as well as new watches and heart rate-tracking AirPods. Experts question whether the smartphone updates can generate enough consumer interest to drive up sales, especially following a tariff-fueled buying frenzy earlier this year.
Elsewhere on the corporate front, shares of Tourmaline Bio (TRML) and Nebius (NBIS) both jumped over 50% in premarket trading on deal news, with Swiss pharma giant Novartis (NVS, NOVN.SW) and Big Tech Microsoft (MSFT) respectively.
Oracle (ORCL) and GameStop (GME) are set to report earnings after the bell.
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Source: Stock market today: Dow, S&P 500, Nasdaq drift as Wall Street braces for revision to jobs
