Stock index futures traded cautiously on Thursday ahead of the release of further labor market data and the upcoming Jackson Hole Economic Symposium.

S&P 500 futures (SPX) +0.1%Nasdaq 100 futures (US100:IND) and Dow futures (INDU) remained unchanged.

The 10-year government bond Yield (US10Y) rose by 1 basis point to 3.82%. The 2-year yield (US2Y) rose 2 basis points to 3.96%.

Major stock indices closed higher on Wednesday after minutes of the Federal Reserve’s July meeting indicated that policymakers will begin cutting interest rates within weeks.

“The gains came despite some negative revisions to US labor market data. However, given the widespread expectation that the numbers would be revised downwards anyway, the news did not trigger a major reaction among risky assets,” said Henry Allen of Deutsche Bank.

The benchmark for payrolls was revised downward by 818,000, or 0.5%, for March 2024, the Bureau of Labor Statistics said Wednesday.

“In response to the wage revisions and Fed minutes, the most obvious market reaction was that investors increased their expectations for a Fed rate cut,” Allen added.

Traders will now turn their attention to initial jobless claims data, expected to arrive before the market opens, with economists expecting an increase to 232,000.

“Initial jobless claims in the US will remain in focus as the fallout from the misguided US jobs report continues to be felt. The data should confirm that unemployment fears, particularly among middle-income consumers, are unlikely to increase significantly,” said Paul Donovan of UBS.

Investors are now eagerly awaiting Fed Chairman Jerome Powell’s speech at the Jackson Hole Economic Symposium on Friday. The symposium begins today.

Among other things, the Chicago Fed’s national activity index for July and the composite PMI flash for August will be released on Thursday. The latter is expected to fall to 53.5.

The Fed’s balance sheet is also expected to be released later in the day.