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Wall Street set for mixed open after labor market data; Nvidia continues to climb

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June 6 - S&P 500 and Dow futures edged lower in choppy trading on Thursday, after jobless claims data indicated growing weakness in the U.S. labor market, while Nasdaq futures outperformed as gains in AI-favorite Nvidia boosted optimism around the tech sector.

Chip maker Nvidia , opens new tab was up 1.3%, after crossing $3 trillion in market valuation in the previous session that saw it overtake Apple as the world's second most valuable company. On the data front, jobless claims rose more than expected to a seasonally adjusted 229,000 for the week ended June 1, the Labor Department said, the latest in a string of reports indicating tightness in the labor market is reducing, giving the Federal Reserve more room to cut rates.Traders see a 70% chance of a September rate reduction, according to the CME's FedWatch tool, and have priced in about two cuts this year, as per data from LSEG. Forecasters polled by Reuters also expect two cuts.

At 8:45 a.m. ET, Dow e-minis were down 28 points, or 0.07%, S&P 500 e-minis were down 3 points, or 0.06%, and Nasdaq 100 e-minis were up 5.75 points, or 0.03%.

 

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