After weak private payrolls data, traders eye weekly initial jobless claims that would offer further clarity on labor market conditions.

Trading in the major U.S. index futures signaled nervousness, as traders brace for more labor market data and the April trade balance report for insights into the effects of President Donald Trump’s tariffs.

As of 11:40 p.m. ET on Wednesday, futures tied to the S&P 500, Nasdaq 100, Dow Jones Industrial Average, and Russell 2000 indices were all marginally lower.

The West Texas Intermediate (WTI) grade crude oil pulled back in the Asian session, adding to its losses on Wednesday, when it fell on rising gasoline and diesel inventories in the U.S. Crude oil currently trades under $63 a barrel.

Gold futures also slid modestly, and the 10-year U.S. Treasury note yield recovered marginally from its plunge on Wednesday on the back of weak ADP private payrolls number. 

The greenback rose slightly against most major counterparts in the Asian session.

After the private payrolls data that grossly disappointed, traders will now eye the weekly initial jobless claims data. The number of individuals claiming unemployment benefits is expected to slip to 236,000 in the week ended May 31 from 240,000 in the previous reporting week.

The Commerce Department’s trade deficit report, due at 8:30 a.m. ET, is expected to show a sizable shrinkage in the April deficit to $63.35 billion from a deficit of $140.5 billion in March.

The Bureau of Labor Statistics will release the first-quarter productivity report at 8:30 a.m. ET.

Federal Reserve speakers will make a final public appearances on Thursday before the central bank goes into a “Blackout” period ahead of its June rate-setting meeting. Fed Governor Adriana Kugler and Philadelphia Fed President Patrick Harker are due to speak at 12 p.m. ET and 1:30 p.m. ET, respectively.

Among the key earnings scheduled for Thursday are Ciena (CIEN), Cracker Barrel (CBRL), Broadcom (AVGO), DocuSign (DOCU), Guess? (GES), Lulumenon Athletica (LULU), Vail Resorts (VAIL), and Zumiez (ZUMZ).

LPL Financial Chief Technical Strategist Adam Turnquist noted that the Nasdaq 100 Index was only 2% away from its record high, thanks to the Trump administration’s pivot to delayed reciprocal tariffs in April, progress in trade negotiations, and strong tech earnings.

The strategist said the tech earnings received a shot in the arm from strong artificial intelligence (AI) demand or related capital expenditure spending.

“From a technical perspective, the NDX is successfully holding up above the early May price gap that cleared the rising 200-day moving average (DMA),” Turnquist said.

 “Momentum remains bullish and recently reset from overbought levels. A close above 22,176 would check the box for a new record high.”

On Wednesday, stocks closed on a mixed note, as traders continued to operate under tariff uncertainty while assessing the weak private payrolls data. While the Nasdaq and S&P 500 Index closed modestly higher, extending their winning streak to two straight sessions, the Dow ended lower.

The Invesco QQQ Trust (QQQ) ETF rose 0.28%, while the SPDR S&P 500 ETF (SPY) edged down 0.03%

The SPDR Dow Jones Industrial Average ETF Trust (DIA) and the iShares Russell 2000 ETF (IWM) slipped 0.25% and 0.28%, respectively. 

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