US stock futures showed minor fluctuations on Tuesday as investors eagerly awaited a revision to job numbers, anticipated to reflect further weakness in the labor market, potentially altering expectations for upcoming interest-rate cuts. Futures for the Dow Jones Industrial Average increased slightly by 0.1%, while those for the S&P 500 rose by 0.2%. Similarly, contracts on the tech-heavy Nasdaq 100 also experienced a modest gain of approximately 0.2%, maintaining momentum from a strong performance on Monday, which positioned stocks in record-high territory.
The markets are proceeding with caution as the revised employment data is poised to take on greater economic and political significance than usual. Economists predict that the Bureau of Labor Statistics will revise down employment estimates by around 700,000 jobs for the year ending March 2025. This pivotal data release comes as discussions intensify regarding how the Federal Reserve might respond to an array of indicators suggesting a slowdown in the labor market. These trends have led traders to speculate that an interest-rate cut could be on the horizon when Fed officials convene next week. The focus now shifts to the magnitude of the potential reduction and its implications for stock performance.
Key reports on inflation—essential for the Fed’s decision-making—will be released later this week. The producer price index (PPI) is due on Wednesday, followed by the consumer price index (CPI) on Thursday. These readings will provide insight into whether rising prices could pose a significant barrier to substantial or prolonged rate cuts.
In the spotlight today is Apple’s much-anticipated annual fall event, where the tech giant is expected to unveil a range of products, including the iPhone 17, iPhone Air, new smartwatches, and heart rate-tracking AirPods. Analysts remain skeptical about whether the latest smartphone updates will generate sufficient consumer interest to boost sales, especially after an initial surge fueled by tariff concerns earlier in the year.
In other corporate news, shares of Tourmaline Bio soared over 50% in pre-market trading due to a significant acquisition deal with Swiss pharmaceutical firm Novartis, while Nebius experienced a similar 50% rise after announcing a substantial partnership with Microsoft. Oracle and GameStop are also scheduled to release their earnings reports later in the day.
As the Goldman Sachs Tech Conference unfolds in San Francisco, key takeaways from the event are expected to be discussed actively in various forums, with notable conversations slated to feature the CEOs of Salesforce, CoreWeave, and Affirm.
In pre-market trends, the stock of Nebius surged following news of its AI deal with Microsoft, while shares of Fox fell by 4% after a major family restructuring, and Dell’s stock dipped by 1% following the departure of its CFO.
Furthermore, gold prices reached a new peak overnight, reflecting growing optimism regarding a potential interest rate cut by the Federal Reserve in their upcoming meeting.
