FX.co ★ US Futures Muted Ahead of NFP

US equity futures were little changed on Thursday ahead of the June employment report. S&P 500 contracts hovered just above the flatline, while Dow futures edged up to a fresh record high. Economists expect the US economy to have added more than 100,000 jobs last month, reinforcing a solid labor backdrop and giving the Federal Reserve additional room to tighten monetary policy.

At the same time, credit‑sensitive sectors extended yesterday’s relief rally after Fed Chairman Warsh signaled that pro‑inflation risks were easing amid the recent pullback in energy prices. More traditional parts of the market remained firm, with JPMorgan and Eli Lilly trading near record levels. AI‑linked hyperscalers also preserved Wednesday’s rebound.

By contrast, the Nasdaq 100 weakened further, weighed down by renewed selling in chipmakers. The sector’s volatility has persisted as lofty growth projections for AI‑related demand increasingly collide with mounting concerns about potential overcapacity in AI infrastructure.