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Stock market today: Nasdaq, S&P 500 futures slide amid more soft jobs market data

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Labor data is in focus as the prospect of rate cuts fails to offset growing doubts about the health of the economy.

US stock futures turned lower on Thursday as investors digested more weaker-than-expected labor market data that could help set expectations for both interest-rate cut hopes and the health of the US economy.Private employers in the US posted their smallest monthly hiring growth since January 2021, new data from ADP showed Thursday. Private payrolls grew by about 99,000, well below expectations. Meanwhile, slightly fewer Americans filed a new claim for unemployment benefits last week.

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