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U.S. stock index futures hovered near the flat line early Thursday, indicating Wall Street may begin the session without a clear trend following two days of mostly upward momentum.

After the sharp swings that characterized early-week trading, investors appear to be pausing to reevaluate short-term market conditions.

Equities slid on Monday after last week’s strong rally, but managed to claw back losses on Tuesday and Wednesday despite uneven trading. Expectations of another interest rate cut by the Federal Reserve at next week’s policy meeting helped the major benchmarks more than recover Monday’s decline.

Futures saw little movement even after a Labor Department report showed first-time unemployment claims unexpectedly fell to their lowest level in three years during the week ending November 29. Initial claims dropped to 191,000 — down 27,000 from the prior week’s revised figure of 218,000 — defying economists’ predictions for an increase to 220,000. The reading marked the lowest point since late September 2022.

On Wednesday, stocks drifted early in the session but later pushed higher. The Nasdaq and S&P 500 posted modest gains, while the Dow outperformed with a stronger rise.

By the close, all major indexes had finished in positive territory: the Dow climbed 408.44 points, or 0.9 percent, to 47,882.90; the Nasdaq added 40.42 points, or 0.2 percent, to 23,454.09; and the S&P 500 advanced 20.35 points, or 0.3 percent, to 6,849.72.

The Dow’s rally was supported by a 4.7 percent jump in UnitedHealth (NYSE:UNH), alongside strong advances from Goldman Sachs (NYSE:GS), McDonald’s (NYSE:MCD), and Amgen (NASDAQ:AMGN). Meanwhile, Microsoft (NASDAQ:MSFT) fell 2.5 percent after The Information reported the company had scaled back growth expectations for its AI-related software sales.

Market sentiment improved earlier in the day as ADP data revealed an unexpected contraction in private-sector payrolls for November. Employment in the private sector declined by 32,000 positions, reversing an upwardly revised increase of 47,000 in October. Economists had expected a modest gain of around 10,000 jobs.

The report reinforced hopes for another rate cut from the Federal Reserve next week, with CME Group’s FedWatch Tool showing an 89.0 percent probability of a quarter-point reduction.

“This morning’s ADP data confirm what a lot of the doves are saying — it’s more important to focus on a weakening labor market than to worry about inflation in the 2–3% range (but still above the 2.0% target),” said Chris Zaccarelli, Chief Investment Officer at Northlight Asset Management. He continued, “Although there may be some dissents at next week’s Fed meeting, it is a sure thing that a 25-bps rate cut will be announced, but going forward is where things get more confusing.”

A separate report from the Institute for Supply Management also delivered an upside surprise, showing an increase in service-sector activity. The services PMI rose to 52.6 in November from 52.4 in October, defying expectations for a slight dip to 52.1 and marking its highest level since February.

Energy-service stocks surged as crude oil prices rebounded, lifting the Philadelphia Oil Service Index by 3.7% to a ten-month high. Airline shares also outperformed, with the NYSE Arca Airline Index jumping 2.7% to its strongest close in almost three months. Gains were also notable in steel, financial, and housing stocks, while computer-hardware names lagged.

European equity markets advanced on Thursday, buoyed by softer U.S. private payroll figures that strengthened expectations the Federal Reserve will lower interest rates at its meeting next week.

Investors also monitored diplomatic efforts around the Ukraine conflict. Although discussions in Moscow failed to deliver a breakthrough, attention shifted to follow-up talks scheduled in Miami today, where U.S. special envoy Steve Witkoff is set to meet Ukraine’s national security chief Rustem Umerov, according to the White House.

President Trump characterized the earlier conversations — which included his son-in-law Jared Kushner — as “reasonably good,” while cautioning that it remains premature to judge the outcome because “it does take two to tango.”

Across major indices, Germany’s DAX gained about 1.0 percent, France’s CAC 40 rose 0.5 percent and the U.K.’s FTSE 100 edged up 0.2 percent.

In corporate news, Future Plc (LSE:FUTR) rallied sharply in London. After a challenging 2025 marked by softer advertising revenue and a pullback in price-comparison traffic, the media company projected “modest organic revenue growth” for the fiscal year ending September 2026.

Nokia (EU:NOKIA) also traded higher after the Finnish telecom provider revealed a new partnership with Bharti Airtel, aimed at giving developers access to Airtel’s network through Nokia’s Network as Code platform.

Construction giant Skanska (BIT:1SKAB) moved upward as well, supported by news that the Swedish firm secured another U.S. contract with a longstanding client to build a new data-center facility.

By contrast, Vodafone (LSE:VOD) slipped after its African arm agreed to acquire a controlling interest in Kenyan operator Safaricom.

The U.S. dollar held its ground on Thursday but continued to trade near recent lows, with soft economic readings reinforcing expectations that the Federal Reserve will cut interest rates next week.

At 04:50 ET (09:50 GMT), the Dollar Index — a gauge of the greenback against six major currencies — was nearly flat at 98.805, hovering around a five-week low and down almost 9% year-to-date.

All eyes on next week’s Fed meeting

A run of weak U.S. indicators has strengthened the case for monetary easing, adding pressure on the dollar.

“After yesterday’s 32k drop in ADP payrolls, a Fed cut next week looks even closer to a certainty,” analysts at ING wrote. “The OIS curve is pricing in 25bp, meaning the Fed would face a potentially sharp adverse reaction in risk assets should it decide to hold.”

The bank also noted that markets are pricing in only another 15 basis points of cuts by March, aligning expectations with a “hawkish cut” this month.

“Our view remains that data will justify two more cuts early next year, which underpins our view that the dollar won’t make a comeback even in the seasonally favorable first quarter.”

Sentiment toward the dollar was further affected by remarks from U.S. President Donald Trump, who said he plans to announce his choice to replace Jerome Powell early next year, stretching out a selection process he previously claimed was already settled.

A move to appoint Kevin Hassett, Trump’s economic adviser, could weigh on the currency. The Financial Times reported that bond investors have warned the U.S. Treasury that Hassett might push for more aggressive rate cuts to match Trump’s preferences.

Euro strengthens, heading for its best year since 2017

The euro continued its ascent, with EUR/USD up 0.1% at 1.1677 after touching its highest level in nearly seven weeks. The pair is on track for annual gains of close to 13%.

“We continue to have 1.170 as our EUR/USD target for next week’s Fed meeting and 1.180 as our year-end target,” ING said. “Seasonality should help, but it’s also worth noting that our short-term fair value model continues to point to around 1.1% undervaluation in the pair.”

The European Central Bank meets in two weeks and is widely expected to keep policy unchanged after halting rate cuts in June.

Sterling slipped, with GBP/USD down 0.1% to 1.3340 after fresh data showed U.K. construction activity contracting at its fastest pace since May 2020. S&P Global’s construction PMI dropped to 39.4 from 44.1, extending its longest downturn since the global financial crisis.

Asian currencies diverge as economic signals deepen

Across Asia, the yen firmed as USD/JPY slipped 0.2% to 154.96, reflecting investor focus on U.S. data that support the case for Fed easing.

USD/CNY was 0.1% higher at 7.0691, while AUD/USD added 0.3% to 0.6615, buoyed by continued resilience in the Australian economy.

Oil prices crept higher on Thursday, buoyed by renewed Ukrainian attacks on Russian oil infrastructure and growing doubts about progress in peace negotiations. While supply risks underpinned the market, broader weak fundamentals kept the upside restrained.

By 0659 GMT, Brent crude gained 41 cents, or 0.65%, to trade at $63.08 a barrel. U.S. West Texas Intermediate advanced 45 cents, or 0.76%, to $59.40.

Ukraine targets Druzhba pipeline again

A Ukrainian military intelligence source said on Wednesday that Ukraine struck the Druzhba pipeline in Russia’s Tambov region — the fifth known attack on the key conduit that transports Russian crude to Hungary and Slovakia. Despite the strike, the pipeline operator and Hungary’s oil and gas group said flows continued uninterrupted.

Analysts at Kpler noted in a research report that “Ukraine’s drone campaign against Russian refining infrastructure has shifted into a more sustained and strategically coordinated phase,” with strikes increasingly aimed at keeping refineries from stabilizing.

The firm added: “This has pushed Russian refining throughput down to around 5 million barrels per day between September and November, a 335,000 bpd year-on-year decline, with gasoline hit hardest and gasoil output also materially weaker.”

Peace negotiations show no progress

Oil also found support from signs that diplomatic efforts remain stalled. Representatives for U.S. President Donald Trump left the latest meeting with Kremlin officials without any forward movement toward ending the conflict, and Trump said it was unclear what the next steps might be.

Vandana Hari, founder of Vanda Insights, commented that “Crude will likely remain stuck in a narrow range while the Ukraine peace efforts grind on.”

Hopes for a breakthrough had previously pressured oil lower, as traders anticipated any end to the war could bring sanctions relief and prompt a return of Russian barrels to an already oversupplied global market.

Fitch trims oil price forecasts

Adding to the cautious mood, Fitch Ratings on Thursday cut its oil price assumptions for 2025–2027, citing ongoing oversupply and production growth expected to outpace consumption.

Gold prices slipped during Thursday’s Asian session, with some investors taking profits as markets prepared for next week’s closely watched Federal Reserve decision. Despite the modest decline, expectations remain high that the central bank will cut interest rates.

By 02:28 ET (07:28 GMT), spot gold was down 0.3% at $4,191.55 per ounce, while February U.S. gold futures also dipped 0.3% to $4,219.46.

Soft U.S. data bolster rate-cut expectations

The retreat in gold came even as traders maintained strong conviction that the Fed will deliver a 25-basis-point cut at its December 9–10 meeting, with CME FedWatch assigning the move a probability close to 90%.

Fresh U.S. data reinforced that view. The ADP report showed private-sector employment dropping by 32,000 in November, a sharp swing from October’s revised gain of 47,000 and well below expectations for continued job growth.

The ISM services index registered moderate expansion, but underlying components signaled that momentum in the sector may be fading.

Market participants are now turning their attention to Friday’s release of the delayed September Personal Consumption Expenditures price index — the Fed’s preferred inflation measure — which could provide more definitive guidance on the potential pace and magnitude of easing.

Adding to the speculation, several media outlets reported that the Trump administration abruptly cancelled meetings with candidates to replace Jerome Powell as Fed chair, heightening expectations that Kevin Hassett may emerge as the frontrunner. A leadership shift viewed as more dovish would typically enhance the appeal of gold as a defensive asset.

Metals complex trades lower

The softness extended across the broader metals market as traders trimmed exposure ahead of next week’s U.S. policy call.

Silver futures eased 1% to $58.00 an ounce, while platinum futures declined 1.3% to $1,661.60.

On the industrial metals side, benchmark copper on the London Metal Exchange edged down 0.2% to $11,455.260 per ton. U.S. copper futures were steady at $5.39 a pound.

U.S. stock futures were muted early Thursday as investors waited for fresh signals on the strength of the labor market and continued to position for a possible Federal Reserve rate cut later in December. Salesforce (NYSE:CRM) boosted its guidance thanks to strong demand for its artificial intelligence agents, while crude prices gained amid renewed strikes on Russian oil assets.

Futures flatten as traders await new data

U.S. equity futures hovered near unchanged levels, trimming earlier advances as markets prepared for economic releases that could shape expectations for upcoming Fed policy moves.

As of 03:31 ET, Dow futures were essentially flat. S&P 500 futures slipped 5 points, or 0.1%, and Nasdaq 100 futures declined 38 points, or 0.2%.

The major U.S. indices closed higher on Wednesday after data showed weakening private-sector job creation and an ISM services survey pointed to falling employment and easing price pressures. Those readings further solidified expectations that policymakers will opt for a 25-basis-point rate cut at the December 9–10 meeting. CME FedWatch now places the odds at roughly 89%.

Investors also brushed off a report claiming several Microsoft divisions have reduced sales-growth targets for certain AI offerings. Microsoft denied the claims, though its shares still retreated 2.5%.

Jobless claims in the spotlight

The next key indicator arrives Thursday with the Labor Department’s latest tally of initial jobless claims. Economists foresee a small increase to 219,000 from 216,000 the week before.

Last week’s figure marked a seven-month low, suggesting layoffs remain limited even as the demand for new hires cools.

Despite a shortage of comprehensive labor data due to the ongoing federal government shutdown, Fed officials indicated in their September and October discussions that there is enough evidence of a softer labor backdrop to justify easing borrowing costs soon.

Salesforce lifts forecasts on strong AI demand

Salesforce shares advanced more than 2% in after-hours trading after the software giant raised its fiscal 2026 revenue and adjusted profit outlook.

The company sees robust growth in its AI-powered agent platform, particularly among large enterprises adopting automation and decision-support tools. Its AI agents have been widely used by major tech players, including Oracle.

CEO Marc Benioff said in a statement that Agentforce and Data 360 have been “the momentum drivers,” delivering nearly $1.4 billion in annual recurring revenue — an “explosive” 114% increase from the year prior.

Gold softens as traders take profits

Gold prices inched lower, pressured by profit-taking even as rate-cut expectations firmed.

Spot gold fell 0.3% to $4,191.39 an ounce, while February U.S. futures slipped 0.3% to $4,219.40.

Lower interest rates typically strengthen the appeal of non-yielding assets such as bullion. In addition to Thursday’s jobless-claims release, traders are awaiting Friday’s delayed September PCE inflation report — the Fed’s preferred measurement of price trends.

Oil climbs as supply risks resurface

Crude prices moved higher after new Ukrainian strikes on Russian oil facilities amplified concerns about potential supply disruptions. Diplomatic efforts to advance peace talks also showed no progress.

Brent crude gained 0.6% to $63.04 a barrel, while WTI crude rose 0.8% to $59.42 a barrel.

Citing unnamed sources, a Reuters report said Ukrainian forces targeted the Druzhba pipeline in Russia’s Tambov region, raising fresh concerns over export interruptions. High-level U.S.–Russia talks earlier in the week concluded without any breakthrough.

Hamak Strategy Limited (LSE:HAMA) has secured £2.5 million through a convertible loan note and entered into an At-the-Market (ATM) agreement with its broker, AlbR Capital, as it pushes forward with its combined focus on gold exploration and Bitcoin treasury management.

The new funding package gives the company added flexibility to pursue exploration and mining prospects while also reinforcing its balance sheet through targeted purchases of Bitcoin and physical gold. Hamak aims to use this dual-track approach to build shareholder value and drive long-term asset growth.

More about Hamak Gold Limited

Hamak Strategy Limited is a UK-listed company concentrating on gold exploration across Africa. Its business model blends traditional mineral exploration with a Digital Asset Treasury Management strategy. Alongside evaluating new gold acquisition opportunities, Hamak maintains a treasury framework that incorporates both Bitcoin and physical gold as a way to diversify risk and support shareholder returns.

European equities advanced on Thursday, building on recent momentum as investors looked ahead to an anticipated Federal Reserve rate cut next week. Attention in the region is also turning to upcoming eurozone retail sales figures.

By 08:05 GMT, Germany’s DAX was up 0.8%, France’s CAC 40 added 0.4%, and London’s FTSE 100 edged higher by 0.1%.

Markets buoyed by expectations of Fed easing

Stocks across Europe traded higher as confidence firmed that the U.S. central bank will move forward with monetary easing next week, a sentiment fueled by a run of softer U.S. data.

The latest ADP report pointed to slower job creation, while the ISM services reading signaled cooling conditions in the services sector. Investors are now awaiting Friday’s PCE inflation release — the week’s key data point — which could further shape expectations for the Fed.

According to the CME FedWatch tool, markets are currently pricing in close to a 90% probability of a 25-basis-point cut on Dec. 10.

Eurozone retail numbers ahead

In Europe, fresh construction data for the single-currency bloc will be published later in the day, but the spotlight will be on October’s retail sales report for insight into consumer strength.

Economists expect retail sales to be unchanged on the month — a slight improvement after September’s 0.1% decline.

The European Central Bank meets later this month and is widely expected to keep rates unchanged at its final meeting of the year. ECB President Christine Lagarde said Wednesday that core inflation indicators are consistent with the bank’s target and that price pressures should remain close to 2% in the coming months. She added that new staff projections due Dec. 18 will offer more clarity on growth and inflation trends.

Corporate movers: Rio Tinto, SSP Group, Frasers, Aurubis

Rio Tinto (LSE:RIO) raised its 2025 copper output forecast and lowered its cost guidance as it unveiled a revamped operational structure during its 2025 Capital Markets Day.

SSP Group (LSE:SSPG), which operates food and beverage outlets in travel hubs worldwide, reported steady full-year results, with revenue up 6% and underlying operating profit rising 8.4%.

Frasers Group (LSE:FRAS) kept its full-year earnings outlook of £550 million–£600 million intact, despite a 2.8% drop in half-year adjusted profit. CEO Michael Murray cautioned that “excess inventory continues to weigh on the industry, leading to increased promotional activity.”

Aurubis (TG:NDA) said its net cash flow soared nearly 30% in 2024–25, reaching a three-year high, and proposed a higher dividend payout.

Oil prices climb on renewed Russian supply risks

Crude prices rose on Thursday after fresh Ukrainian strikes on Russian energy infrastructure reignited concerns about global supply, compounded by stalled diplomatic efforts to resolve the conflict in Ukraine.

Brent crude was up 0.4% at $62.92 a barrel, while U.S. WTI gained 0.6% to $59.29.

A Reuters report on Wednesday said Ukrainian forces targeted the Druzhba pipeline in Russia’s Tambov region, intensifying worries about disruptions to Russian oil flows. Meanwhile, high-level talks between U.S. and Russian officials ended without progress earlier this week.

British equities edged lower on Thursday morning, even as the pound held its ground against the dollar following gains in the previous session and most major European indices traded higher.

By 0822 GMT, the FTSE 100 was down 0.1%, while the GBP/USD pair was unchanged at 1.33. Over in Europe, Germany’s DAX advanced 0.8%, and France’s CAC 40 added 0.4%.

UK corporate highlights

Rio Tinto PLC (LSE:RIO) lifted its 2025 copper output forecast to 860–875 kt, an increase from its previous outlook of 780–850 kt. The miner also lowered its projected unit costs to 80–100 c/lb, compared with earlier guidance of 110–130 c/lb.

During its 2025 Capital Markets Day, the Anglo-Australian group presented a restructuring blueprint built around three core divisions—Iron Ore, Copper, and Aluminium & Lithium. Chief Executive Simon Trott said in a filing to both the Australian and London stock exchanges: “We are building from a position of strength for Rio Tinto’s next chapter, sharpening and simplifying the business to deliver leading returns.”

In earnings news, AJ Bell PLC (LSE:AJB) delivered another year of record performance. Revenue climbed 18% to £317.8 million, while profit before tax rose 22% to £137.8 million, marginally surpassing market expectations. Earnings per share reached 25.6 pence, and the group’s profit before tax margin improved to 43.4%, up from 42% a year earlier.

Frasers Group PLC (LSE:FRAS) reaffirmed its full-year profit outlook of £550 million to £600 million despite posting a 2.8% decline in half-year adjusted profit to £290.9 million. The retailer absorbed an £82.3 million increase in impairments and a rise in interest expenses of £11.3 million to £48.1 million. Still, retail trading profit grew 12.2% to £411.4 million.

Watches of Switzerland Group PLC (LSE:WOSG) reported a strong first half, with pretax profit up to £61 million from £41 million the year before. Revenue reached £845 million, representing 10% growth at constant currency, and adjusted EBITDA edged higher to £91 million from £87 million.

Infrastructure firm Balfour Beatty PLC (LSE:BBY) expects its order book to expand about 20% in 2025, rising to roughly £22.1 billion from £18.4 billion in 2024. The company attributed the increase largely to robust demand in the UK energy sector, which contributed more than £3.5 billion in new commitments. Balfour Beatty also adjusted its 2025 average monthly net cash outlook to the top of its previously stated range, £1.1 billion to £1.2 billion, significantly higher than the £766 million recorded in FY2024.

SSP Group PLC (LSE:SSPG) posted a 6% rise in annual revenue to £3.64 billion, supported by underlying operating profit growth of 8.4% to £223 million. Like-for-like sales improved 3.7%, and earnings per share increased 19% to 11.9 pence.

Baltic Classifieds Group PLC (LSE:BCG) delivered a solid first half, reporting a 7% gain in revenue to €44.8 million for the six months ending October 31, 2025. EBITDA margin held steady at 78%, while profit surged 22% to €26.4 million. The board declared an interim dividend of 1.3 euro cents per share, an 8% increase year on year.

Meanwhile, Morgan Advanced Materials Plc (LSE:MGAM) revised its medium-term targets, now aiming for EBITA margins of 12% by 2028, slightly below its previous ambition of 12.5%–15%.

Elsewhere, Ofgem approved a £28 billion investment programme to strengthen the UK’s energy infrastructure, with total funding expected to rise to an estimated £90 billion by 2031. Within the package, £17.8 billion is earmarked for gas network maintenance and £10.3 billion for upgrades across the electricity transmission grid.

ITM Power (LSE:ITM) has reported first-half 2025 revenue of £18.0 million, the highest in its history, even as the company recorded an adjusted EBITDA loss of £11.9 million. Cash reserves remain strong at £197 million. Demand continues to grow for the company’s NEPTUNE V and ALPHA 50 electrolyser platforms, and ITM has made meaningful progress on large-scale projects, including the 100 MW PEM plant under development for RWE in Lingen. With a healthy sales pipeline and ongoing product innovation, ITM is positioning itself as a dependable partner in Europe’s fast-expanding hydrogen sector, supported by accelerating investment in green-energy infrastructure.

The outlook remains mixed. While revenue momentum and strategic progress highlighted during the earnings call are encouraging, persistent profitability challenges and cash-flow pressures continue to weigh on sentiment. Technical indicators point to a bearish trend, and valuation metrics reflect ongoing concerns over the path to sustainable earnings.

More about ITM Power

Founded in 2000 and listed on AIM in 2004, ITM Power designs and manufactures PEM electrolysers that generate green hydrogen from renewable energy and water. Headquartered in Sheffield, the company plays a key role in the emerging clean-hydrogen economy by supplying technology for industrial decarbonisation and net-zero energy systems.