Stock market today: US futures tiptoe higher with labor data lying in wait

US stocks nudged higher before the bell on Wednesday, buoyed by tentative optimism for interest-rate cuts amid signs of slowing labor demand and a cooling economy. S&P 500 futures rose roughly 0.2%, while Dow Jones Industrial Average futures added 0.1%. Contracts on the tech-heavy Nasdaq 100 led the slight gains, up 0.4%. The three major gauges managed to close narrowly in the green on Tuesday.

Cracks in the labor market could spur the Fed to begin lowering borrowing costs, but they are also a sign the economy could be headed for recession rather than a soft landing. Read more: How does the labor market affect inflation? That said, hopes for a Fed shift appear to be growing. About 65% of traders now expect policymakers to reduce the benchmark rate at their September meeting, compared with less than 50% a week ago, according to the CME FedWatch tool.

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