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Initial jobless claims rose more than expected last week, indicating a slight cooling in labor market conditions compared to the previous week, when unemployment benefits came in lower than anticipated.
The U.S. dollar slightly pared its session gains following the release of the weekly unemployment insurance report, but it remained up by 0.2% as of 08:40 a.m. in New York. On Wednesday, the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP) closed its fourth consecutive session in the red.
Markets are currently pricing in a 72% probability of a 25-basis-point rate cut in September.
In Thursday’s premarket trading, futures on major U.S. indices edged higher, with tech stocks leading the way. Nasdaq 100 futures were up by 0.3%.
Meanwhile, on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) closed 0.3% higher, remaining within a percentage point of its record highs reached in July.
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