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Stock market today: S&P 500 futures hold near record with June jobs data on deck

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US Stock Futures News

Federal Reserve,Unemployment Rate

Investors are looking to the June jobs report for signs of more softening in the labor market that could lay the ground for rate cuts.

US stock futures held near all-time highs on Friday as Wall Street returned from a holiday break, ahead of the key monthly jobs report that will play into Federal Reserve rate-cut calculations. S&P 500 futures were little changed following a record end to a shortened session Wednesday and Thursday's shutdown for the Fourth of July holiday. Dow Jones Industrial Average futures also clung to the flatline, while those on the tech-heavy Nasdaq 100 edged up 0.1%.

Traders are now pricing in a nearly 75% chance of a cut in September, according to CME's FedWatch tool. The key question in Friday's jobs data is whether slowing monthly job growth reflects a normalization in the labor market as it shakes off the pandemic, or the early signs of a broader economic slowdown, Yahoo Finance's Josh Schafer reports.

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