U.S. stocks were mixed on Thursday as investors reviewed weaker-than-expected private payrolls data and looked ahead to Friday’s key jobs report.
By 09:30 ET (13:30 GMT), the S&P 500 gained 0.2%, while the Nasdaq Composite rose 0.4%. The Dow Jones Industrial Average slipped 0.1%.
Private-sector hiring rose by 54,000 in August, well below forecasts of 73,000 and down from a revised 106,000 in July. Weekly jobless claims also came in higher at 237,000, above estimates and close to the prior figure.
The data did little to alter market expectations. According to CME’s FedWatch Tool, traders still see a 97% chance the Federal Reserve will cut rates by 25 basis points at its September 16–17 meeting.
Attention now turns to Friday’s nonfarm payrolls report. Economists expect the U.S. to add 75,000 jobs in August, compared to 73,000 in July.
Bond markets also calmed after comments from Federal Reserve officials, including Governor Christopher Waller, reinforced expectations of a September rate cut. In Japan, weak demand for a 30-year bond auction briefly pushed yields to record highs, but the outcome helped ease concerns.
Salesforce and Figma fall
Salesforce (NYSE:CRM) shares dropped over 8% after the company’s earnings missed expectations. Its revenue outlook for the third quarter also fell short, raising doubts about its ability to monetize artificial intelligence platforms.
The company expanded its share buyback program by $20 billion, which helped limit further losses.
Figma (NYSE:FIG) shares plunged more than 18% after its first earnings report since going public. Despite a 41% revenue increase to $249.6 million, analysts flagged its steep valuation and strong competition. Shares had soared after its $50 billion IPO in July but have since pulled back.
Broadcom earnings ahead
Broadcom (NASDAQ:AVGO) is set to report later Thursday. Its results could offer more insight into the strength of AI-driven demand in the semiconductor sector.
Gold pulls back from record highs
Gold prices retreated after hitting new records this week. Profit-taking and a steadier dollar weighed on bullion, even as expectations of Fed rate cuts kept safe-haven demand high.
Spot gold fell 0.4% to $3,545.51 per ounce. December futures slipped 0.9% to $3,605.00 per ounce by 08:48 ET.
