Nasdaq, S&P 500 Futures Rise Ahead Of ADP Report — Spotlight Shifts To Tariff News, Broadcom Earnings

U.S. stock futures traded mostly higher early Thursday as the market looks ahead to more labor market data and assesses the developments on the tariff front.

A NBC News report said late Wednesday that President Donald Trump’s administration has challenged the appeals court’s ruling before the Supreme Court, seeking an early resolution. That said, a strategist has downplayed the impact of the potential outcome, stating that the government has the wherewithal to keep tariffs through other measures.

The Senate Banking Committee hearing for Trump nominee Stephen Miran, to fill the vacant slot at the Federal Reserve Board (FRB), is scheduled for 10 a.m. ET.  Trump is also expected to host executives of top tech companies at the recently renovated Rose Garden of the White House.

As of 3:20 a.m. ET on Thursday, the Nasdaq 100 and S&P 500 futures rose more than 0.10% each, and the Russell 2000 futures gained 0.16%, while the Dow futures edged down 0.04%.

On Wednesday, the major averages closed on a mixed note as a tech rally, fueled by the Alphabet (GOOGL) (GOOG) antitrust ruling, offset economic concerns. The Beige Book report released on Wednesday showed that the economic growth was sluggish across most of the 12 Federal Reserve districts, aggravating worries about the economy.

The SPDR S&P 500 ETF (SPY), an exchange-traded fund (ETF) that tracks the S&P 500 Index, gained 0.54%, and the Invesco QQQ Trust (QQQ) rose 0.79%. Meanwhile, the SPDR Dow Jones Industrial Average ETF Trust (DIA) and the iShares Russell 2000 ETF (IWM) slid 0.08% and 0.10%, respectively.

In Thursday’s session, traders will likely focus on the ADP’s private payrolls report (8:15 a.m. ET), the weekly jobless claims report (8:30 a.m. ET), the revised second-quarter productivity and costs report (8:30 a.m. ET), and the trade balance report for July (8:30 a.m. ET).

Also on tap are the service sector activity readings of the S&P (9:45 a.m. ET) and the Institute of Supply Management (10 a.m. ET), and speeches by New York Fed President John Williams (12:05 p.m. ET) and Chicago Fed President Austan Goolsbee (7 p.m. ET).

Broadcom (AVGO), Ciena (CIEN), Shoe Carnival (SCVL), Science Applications (SAIC), DoCu Sign (DOCU), lululemon Athletica (LULU), Smith & Wesson Brands (SWBI), UiPath (PATH) and Zumiez (ZUMZ) are among the noteworthy companies reporting Thursday.

Crude oil futures extended their losses early Thursday but held above the $63-a-barrel mark, gold futures traded off their record, and the 10-year U.S. Treasury note yield held just above 4.2%.

The U.S. dollar was mixed against its major counterparts.

The major Asian markets closed in a mixed fashion, with the Chinese and Hong Kong markets retreating sharply, while the Japanese, Taiwanese, and South Korean markets stayed afloat. Chinese stocks continued to see weakness amid profit-taking after their recent substantial advances.

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