Subdued Futures and Salesforce Slump: U.S. Stock Market Awaits Labor Market Data

U.S. stock index futures stayed largely neutral on Thursday as investors eagerly awaited new labor market data. Salesforce shares notably dropped following a revenue forecast that fell short of expectations.

The market's focus is set on upcoming labor statistics, with the August ADP private payrolls report scheduled for release at 8:15 a.m. ET, and the nonfarm payrolls data lined up for Friday. Adding to the tension, AI-focused companies, which had previously driven the stock surge, now see varied investor reactions.

The stock market rally showed cracks earlier this week following unimpressive quarterly updates from several firms, including Nvidia. Coupled with Federal Reserve Chair Jerome Powell's acknowledgment of increasing employment risks, traders brace for more potential interest rate cuts in September.

(With inputs from agencies.)