U.S. equity futures were little changed early Thursday as investors prepared for fresh labor market data and weighed growing expectations of a Federal Reserve rate cut later this month. Meanwhile, Salesforce (NYSE:CRM) upped its full-year revenue and adjusted earnings outlook on the back of strong demand for its artificial intelligence agents, and crude prices ticked higher following renewed Ukrainian strikes on Russian energy facilities.
Futures slip from earlier highs
U.S. stock futures drifted near unchanged levels, giving back modest overnight gains, as traders braced for economic data that could shape the outlook for monetary policy.
By 03:31 ET, Dow futures were flat, S&P 500 futures were lower by 5 points (0.1%), and Nasdaq 100 futures had eased 38 points (0.2%).
Major U.S. indices had advanced the day before, supported by weaker private hiring data and an ISM services report that pointed to a contraction in employment and a decline in prices paid. The combination strengthened expectations that the Fed — seeing a cooling labor market and inflation that is still sticky but not accelerating — will opt for a 25-basis-point cut at its December 9–10 meeting. CME FedWatch now shows the probability near 89%.
Markets also looked past a report claiming that several Microsoft divisions had trimmed their growth targets for certain AI products. Microsoft disputed the report, though its shares slipped 2.5%.
Initial unemployment claims on deck
The next key data point arrives Thursday when the Labor Department publishes weekly initial jobless claims. Economists expect filings to rise slightly to 219,000 from 216,000.
Last week’s figure hit a seven-month low, suggesting layoffs remain limited even as hiring momentum softens.
Although broader employment reporting has been disrupted by the prolonged federal government shutdown, the Fed noted during its September and October meetings that the evidence points to a gradually cooling labor market — enough, in its view, to justify easing borrowing costs.
Salesforce lifts its full-year outlook
Salesforce shares rose more than 2% in after-hours trading after the company raised its fiscal 2026 revenue and adjusted earnings forecasts.
The improved outlook reflects strong expected demand for its AI-powered agent solutions, especially from enterprise clients. Businesses adopting AI to streamline operations have increasingly turned to Salesforce’s tools, which automate tasks and support decision-making. Oracle and other tech giants have been notable users.
CEO Marc Benioff said in a statement that its Agentforce and Data 360 offerings have been “the momentum drivers,” generating almost $1.4 billion in annual recurring revenue with “explosive” 114% year-over-year growth.
Gold softens ahead of key inflation data
Gold prices slipped as some investors took profits, even while confidence strengthened that the Fed will deliver a rate cut next week.
Spot gold fell 0.3% to $4,191.39 an ounce, and February U.S. gold futures declined 0.3% to $4,219.40 an ounce.
Lower interest rates tend to favor non-yielding assets like gold. Alongside Thursday’s jobless claims report, markets are awaiting Friday’s delayed release of the September PCE index — the Fed’s preferred inflation gauge.
Oil rises on renewed risks to Russian supply
Crude prices moved higher after additional Ukrainian attacks on Russian oil infrastructure reignited concerns over global supply, compounded by a lack of diplomatic progress in attempts to resolve the Ukraine conflict.
Brent crude gained 0.6% to $63.04 a barrel, while WTI added 0.8% to $59.42.
According to a Reuters report quoting unnamed sources, Ukrainian forces struck the Druzhba pipeline in Russia’s Tambov region, raising the risk of fresh disruptions to Russian exports. Peace negotiations between U.S. and Russian officials earlier this week ended without any breakthrough.