A trader works on the floor of the New York Stock Exchange on Sept. 18, 2025.
NYSE
Stock futures were little changed Wednesday night as investors awaited upcoming jobs data.
S&P futures ticked higher by about 0.1%, while Nasdaq 100 futures hovered above the flatline. Futures tied to the Dow Jones Industrial Average added 39 points, or nearly 0.1%.
Intel shares gained 1.5% in after-hours trading after Bloomberg reported, citing people familiar with the matter, that the chipmaker has approached Apple to seek an investment from the iPhone maker.
The three major U.S. indexes fell for the second session in a row on Wednesday as key leaders of the artificial intelligence trade such as Nvidia, Oracle and Micron Technology lost steam. The market action appears to be reflecting concerns about record-high valuations and potentially risky circular relationships in the AI industry after some recent deals.
The S&P 500 had snapped a three-day winning streak on Tuesday.
Thursday’s release of weekly jobless claims data will provide a key economic data point that could influence the Federal Reserve’s monetary policy moves amid increasing concerns about a weakening labor market and rising layoffs. Initial unemployment claims last week eased after a brief spike the week prior.
Fed Chair Jerome Powell said on Tuesday that a slowing labor market is outweighing concerns about stubborn inflation, which contributed to the Federal Open Market Committee’s recent decision to lower interest rates for the first time this year. Powell noted “a marked slowdown” in supply and demand and said that “in this less dynamic and somewhat softer labor market, the downside risks to employment have risen.”
Salvatore Ruscitti, U.S. equity strategist at MRB Partners, said he does not expect the recent hiring slump to become a “self-reinforcing negative cycle” that causes a spike in layoffs.
“On the jobless claims data, clearly it is a focus of the equity markets, especially with the Fed leaning more towards emphasizing the maximum employment part of its mandate,” Ruscitti said. “I think you would have to see a meaningful spike higher in weekly jobless claims to elicit a meaningful negative reaction in the equity market.”
Investors are also cautious ahead of the personal consumption expenditures price index due Friday and are monitoring developments regarding a potential government shutdown.
