United States stock futures were little changed on Wednesday night (Thursday AEDT) as investors grew more confident that the Federal Reserve will cut interest rates in December, following fresh signs of a cooling labour market.
By 10:30 am AEDT (11:30 pm GMT), futures linked to the Dow Jones Industrial Average were up 0.1%, while S&P 500 and Nasdaq 100 futures were broadly flat.
In after-hours deals, Salesforce rose 1.9% after the software firm posted mixed third-quarter results but issued a stronger revenue outlook for the fourth quarter.
UiPath jumped 6% as adjusted earnings per share (EPS) of $0.16 and quarterly revenue of $411.1 million exceeded market expectations of 15 cents and $392.7 million, respectively.
Snowflake slid 7.8% after offering a slightly softer outlook for product revenue growth in the January quarter, even as it delivered beats on both revenue and profit for the third quarter.
Five Below gained 1.6% after reporting adjusted EPS $0.68, nearly triple the expected $0.25, and revenue of $1.04 billion, comfortably above forecasts of $981 million.
Shares of PVH Corp, the parent company of Calvin Klein and Tommy Hilfiger, slipped nearly 2.5% after the retailer narrowed its sales and earnings forecasts to the upper end of previous guidance.
Earlier in the day, major U.S. benchmarks advanced after ADP reported a surprise drop in private payrolls for November.
The Dow climbed 0.9%, while the S&P 500 closed 0.3% higher and the Nasdaq Composite rose 0.2%.
Investors interpreted the weak employment reading as increasing the likelihood of a rate cut at the Fed’s meeting on 10 December.
According to the CME Group FedWatch Tool, markets are pricing in an 89% chance of a cut, up sharply from expectations just two weeks ago.
The artificial intelligence trade continued to wobble, leaving technology as the worst-performing sector in the S&P 500. Microsoft, Nvidia and Broadcom all declined.
Microsoft ended the day 2.5% lower after The Information reported the company was reducing software sales targets tied to AI. The company denied the report, helping the stock recover from its intraday lows.
Market participants also monitored developments surrounding the Trump administration’s tariff policies and the potential implications for the domestic labour market.
At The New York Times DealBook Summit, Treasury Secretary Scott Bessent said the administration could advance its tariff agenda using powers under the 1962 Trade Act, even if its current tariff structure is overturned by the Supreme Court.
