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

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US stock futures took a breather on Thursday as investors counted down to the release of the June jobs report to help set expectations for the pace of interest-rate cuts.

S&P 500 futures traded flat after closing at an all-time high on Wednesday. Contracts on the Dow Jones Industrial Average and on the tech-heavy Nasdaq 100 were also little changed.

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. President Trump's ongoing feud with Fed Chair Powell -particularly reports he may announce a successor early - have further raised hopes for a reduction in rates. Yahoo Finance reports.

🏦 The House nears final vote on Trump's 'Big Beautiful Bill' as opponents flip: The House of Representatives is barreling toward a final vote on President Trump's "Big Beautiful Bill," with Republicans increasingly likely to send a massive piece of legislation that will be felt across the economy for years to come to the president's desk.

Approval is not yet assured but White House and Republican leaders inched closer to victory Thursday morning after a pressure campaign and yet another all-night session on Capitol Hill appeared to satisfy Republican holdouts concerned about things like the multi-trillion dollar price tag and health care cuts.

House Speaker Mike Johnson predicted to reporters that a final vote would come at around 8 am ET but the timing could be flexible as legislators raced to give the president a signature political victory by approving the bill before his self-imposed July 4 deadline. Yahoo Finance reports.

👖 Levi Strauss Gears Up For Q2 Print: Levi Strauss & Co will release earnings results for the second quarter, after the closing bell on Thursday, July 10.

Analysts expect the San Francisco, California-based company to report quarterly earnings at 13 cents per share, down from 16 cents per share in the year-ago period. Levi Strauss projects to report quarterly revenue of $1.37 billion, compared to $1.44 billion a year earlier, according to data from Benzinga.

On May 20, Levi Strauss entered into definitive agreement to sell Dockers® to Authentic Brands Group. Levi Strauss shares gained 1.9% to close at $19.23 on Wednesday. Benzinga reports.

🤖 Chip design software firms climb as US lifts curbs on China exports: Shares of Synopsys and Cadence Design Systems jumped in premarket trading on Thursday after the United States lifted export restrictions on chip design software to China, signaling a thaw in trade tensions between the world's top two economies.

The two companies, along with Germany's Siemens, said they were resuming access to their electronic design automation (EDA) tools for Chinese customers.

Synopsys and Cadence rose 6.7% and 5.9%, respectively, in U.S. trading before the bell, and Siemens gained 0.9% in Frankfurt. MarketScreener reports.

🚙 Tesla reports record sales plunge from last year: Tesla reported another record sales plunge Wednesday, as brand damage from CEO Elon Musk’s political activities and increased competition continued to batter the once fast-growing electric car maker.

Tesla reported it sold 384,122 cars in the quarter, down nearly 60,000 cars, or 13.5% from the sales total a year ago.

That marks the largest year-over-year drop in sales in the company’s history. However, that number is up 14.1% from its first quarter total.

Despite the sales drop, shares of Tesla opened up nearly 4% in Wednesday trading following the report. That’s because it exceeded some analyst forecasts for a much larger plummet. CNN reports.

🛢️ BlackRock mulls selling stake in Saudi Aramco gas pipelines: Asset manager BlackRock Inc is in talks with Saudi Aramco to divest its stake in the leasing rights of a natural gas pipeline network back to the state oil major, Bloomberg News reported on Thursday, citing people familiar with the matter.

The stake, which BlackRock acquired in 2021, is likely to be worth billions of dollars, according to the report. Reuters reports.

📊 Alibaba looking to raise $1.53 billion through exchangeable bonds for cloud, commerce push: Chinese tech giant Alibaba Group said on Thursday it is seeking to raise around HK$12 billion ($1.53 billion) through exchangeable bonds to boost investments in cloud infrastructure and global commerce operations.

The bonds link to Alibaba Health Technology , the group said. Investors can later exchange these bonds for shares in Alibaba Health, and the bonds will not pay interest over time.

Alibaba Group holds more than 44% of Alibaba Health.
The debt sale follows Alibaba's $5 billion dual-currency bond in November, which was the largest deal of its kind in Asia-Pacific during 2024. Yahoo Finance reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1) $GITS: Global Interactive

Total gain: +180.36%

2) $MINM: FiEE

Total gain: +53.18%

3) $AEBI: Aebi Schmidt Holding

Total gain: +33.27%

4) $THTX: Theratechnologies

Total gain: +31.77%

5) $MIRA: Mira Pharmaceuticals

Total gain: +29.03%

The closing price of the top three market percent gainers trading near or above $3 on July 2.
Benzinga reports.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1) $SONN: Sonnet BioTherapeutics

Total gain: +241.32%

The stock appeared to be moving on no notable news.

2) $MOGO: Mogo

Total gain: +115.7%

The company announced that its board of directors has authorized the allocation of up to $50 million to Bitcoin as part of its long-term capital preservation and product innovation strategy. This move marks a significant step in Mogo's strategic alignment with Bitcoin, integrating it into both its treasury policy and core operating platform. Benzinga reports.

3) $DAIC: CID HoldCo

Total gain: +77%

The stock appeared to be moving on no notable news.

Time (ET) / Report / Period

8:30 am - Initial jobless claims - June 28

8:30 am - U.S. employment report - June

8:30 am - U.S. unemployment rate - June

“We want to perceive ourselves as winners, but successful traders are always focusing on their losses.”

- Dr. Brett N. Steenbarger

Sourced in: “The Psychology of Trading: Tools and Techniques for Minding the Markets”, by Dr. Brett N. Steenbarger, published in 2005.