US Futures steady a day after Dow's winning streak ends

US stock futures were little changed on Thursday morning, as investors digested weaker-than-expected jobs data and looked ahead to more critical labor market signals due this week. The pause in momentum follows a modest pullback in the Dow Jones Industrial Average, which ended a four-day winning streak.

As of 5:30 a.m. ET, futures tied to the Dow, S&P 500, and Nasdaq-100 were all trading near the flatline, suggesting a quiet start to the day after a mixed close in Wednesday’s session.

The Dow slipped 0.22% in the previous session, while the S&P 500 eked out a 0.01% gain and the Nasdaq Composite advanced 0.32%. The moves came after May’s ADP private payrolls data showed a sharp deceleration in job additions—just 37,000 versus the 110,000 expected by economists surveyed by Dow Jones. The report stoked fresh concerns about a cooling labor market and its implications for economic growth.

Still, optimism has not entirely faded. A resilient tech rally, underpinned by strong first-quarter earnings, has helped keep sentiment afloat on Wall Street. The Nasdaq is on track for a 1.8% weekly gain, while the S&P 500 and Dow are up 1% and 0.4%, respectively, so far this week.

Meanwhile, international developments may offer additional cues for markets. The European Central Bank (ECB) on Thursday delivered its eighth rate cut, lowering its key interest rate by 25 basis points. The move, aimed at supporting growth amid easing inflation, comes as investors speculate on when the US Federal Reserve might follow suit. For now, markets largely expect the Fed to begin cutting rates in September.

“The ECB’s move highlights the growing global divergence in monetary policy,” said a US-based fixed-income strategist. “It reinforces the idea that disinflation is gaining traction overseas—even as the Fed continues to signal caution.”

Back in the US, attention now turns to the weekly jobless claims report due Thursday, followed by the highly anticipated nonfarm payrolls data on Friday. Economists are watching these numbers closely to gauge whether the labor market slowdown seen in ADP data reflects a broader trend.

Elsewhere in premarket action, several individual stocks made notable moves. MongoDB surged more than 17% after posting a strong earnings beat, while Five Below rose over 7% on upbeat results and guidance. In contrast, PVH Corp. fell nearly 8% after the apparel company cut its second-quarter earnings outlook, citing tariff pressures despite a better-than-expected Q1.

Investors now face a market balancing act—between lingering risks from trade tensions and tariffs, slowing economic data, and the strength of corporate earnings. With the Fed’s next move still some months away, short-term sentiment is likely to be shaped by economic releases and sector-specific developments.