Stock market today: Dow, S&P 500, Nasdaq futures tick upwards as Wall Street braces for jobs report

US stock futures held steady as an upbeat Wall Street braced for the release of the June jobs report.

Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) ticked up 0.1%

Stocks rose on Wednesday, and the S&P 500 and Nasdaq hit record highs for the second time this week. President Trump's trade deal with Vietnam boosted sentiment even as the July 9 deadline for the resumption of his most sweeping tariffs crept closer. Meanwhile, Trump's major spending bill stalled in the House after passing the Senate on Tuesday. House Speaker Mike Johnson said he aims to pass the legislation by Friday, July 4.

Read more: The latest on Trump's tariffs

The June jobs report, set for release Thursday, is expected to end the holiday-shortened week with a bang. Any labor market weakness will be closely watched as it could strengthen the case for an interest rate cut from the Federal Reserve sooner rather than later.

Recent signs of a softening in the labor market have given investors a new wave of confidence that a cut could be imminent. Trump's ongoing feud with Federal Reserve Chair Powell —particularly reports he may announce a successor early — have further raised hopes for a reduction in rates.

Trading will end early on Thursday at 1 p.m. ET for the July Fourth holiday.

• 23 mins ago Rian Howlett

  Oil prices pull back from two week gain

  Oil prices slipped after posting their strongest gain in nearly two weeks, as investors monitored ongoing US trade negotiations and an upcoming OPEC+ meeting this weekend.

  Bloomberg reports:

  Brent (BZ=F) traded near $69 a barrel after surging by 3% on Wednesday, with West Texas Intermediate (CL=F) above $67. President Donald Trump said he had struck a trade deal with Vietnam, which would be just the third announced following agreements with the UK and China, before a July 9 deadline to reach accords.

  Crude has been buffeted in recent weeks, surging and collapsing along with perceived geopolitical risk in the Middle East, although volatility and volumes have fallen in recent days before Friday’s US holiday. Focus is returning to trade talks, and the associated tariffs that threaten oil demand, as well as to Sunday’s OPEC+ meeting, where the group is widely expected to agree on another bumper increase in supply quotas.

  “While trade optimism provided a boost to oil prices, the sustainability of this move will likely be short-lived,” said Warren Patterson, head of commodities strategy for ING Groep NV. “OPEC+ is set to decide on August output levels this weekend, and so the market will probably be cautious about carrying too much risk into the US long weekend.”

  Read more here.