Overview

• S&P 500 closed at a record 6,502, the Dow and Nasdaq also advanced, and U.S. equity futures edged higher into Friday’s August payrolls release.
• Recent data signaled softer hiring, with ADP private payrolls up 54,000, initial jobless claims rising, and July JOLTS openings down to 7.18 million.
• Futures pricing points to a quarter-point cut on Sept. 17 and about 60 basis points of easing for 2025, as 2- and 10-year Treasury yields fell to four-month lows.
• Gold hovered near record highs around $3,550–$3,600, while oil extended a third day of declines on expectations OPEC+ may consider raising output on Sunday.
• Megacap tech led gains after favorable court rulings for Alphabet and Apple, and Asian and European stocks followed Wall Street higher.