US futures inch higher as investors eye trade deals, payrolls data

Free Malaysia Today

13 hours ago

Nasdaq 100 e-minis climbed 22.5 points, or 0.1%, and Dow e-minis added 72 points, or 0.16%. (AP pic)
NEW YORK : Wall Street stock index futures edged higher today, as investors monitored US trade negotiations ahead of President Donald Trump's July 9 deadline and looked ahead to payrolls data for clues on the monetary policy path.
The Nasdaq and the S&P 500 closed lower in the previous session, pausing after a record run that was driven by optimism over the US striking trade deals with its key partners and by expectations of deeper interest-rate cuts.
Yesterday, Trump said he was not thinking of extending the July 9 deadline for imposing tariffs and cast doubts that an agreement could be reached with Japan, although he expects a deal with India.
The EU's trade chief is expected to hold talks this week with peers in Washington.
Tech stocks came under selling pressure a day earlier, as Treasury yields climbed after data showed stronger-than-expected job openings in May, signaling a resilient labour market and confirming the Federal Reserve's stance of being patient on cutting interest rates.
Focus is now on the monthly non-farm payrolls report, due on Thursday, as markets are closed on Friday for Independence Day.
The data is expected to show US job growth cooled in June and the unemployment rate ticked up to 4.3%, per a Reuters poll of economists.
ADP's private payrolls data for June is due at 8.15am.
Meanwhile, US Senate Republicans passed Trump's massive tax-and-spending bill yesterday by the narrowest of margins, advancing a package that would slash taxes, reduce social safety net programmes and boost military and immigration enforcement spending while adding US$3.3 trillion to the national debt.
The legislation now heads to the House of Representatives for possible final approval, though a handful of Republicans have already voiced opposition to some of the Senate provisions.
By 5.53am, S&P 500 e-minis were up 8.5 points, or 0.14%. Nasdaq 100 e-minis climbed 22.5 points, or 0.1%, and Dow e-minis added 72 points, or 0.16%.
The blue-chip Dow closed 1.3% below its record high touched in December.
Among single stocks, Centene tumbled 26.6% premarket after the health insurer said it had withdrawn its 2025 earnings forecast after data showed a significant drop in expected revenue from its marketplace health insurance plans.
Shares of peers including Elevance Health and UnitedHealth dipped 3.8% and 1.2%, respectively.
US banking giants including JPMorgan Chase, Bank of America and Wells Fargo edged up after they announced plans to raise their third-quarter dividends after clearing the Fed's annual health check last week.
Verint Systems soared 12.7% after Bloomberg News reported buyout firm Thoma Bravo was in talks to buy the call-centre software maker.