Traders work on the floor of the New York Stock Exchange (NYSE) on September 03, 2025 in New York City.
Spencer Platt | Getty Images
U.S. stock futures were little changed on Wednesday night, following Alphabet’s rally, which lifted the S&P 500 and Nasdaq Composite even as growing fears around the economy weighed on equities.
Dow Jones Industrial Average futures fell by 60 points, or 0.13%. S&P 500 futures were unchanged, while Nasdaq 100 futures fell 0.01%.
Wall Street is coming off a mixed session. The S&P 500 and the Nasdaq Composite, both benchmarks made up largely of technology companies, gained 0.51% and 1.03%, respectively. On the other hand, the blue-chip Dow, known for its greater exposure to the real economy, dipped 0.05%.
The bifurcated performance follows strong gains for Alphabet and Apple shares, which bolstered the tech sector, after the Google parent avoided a breakup in an antitrust case that had weighed on the stocks. However, any gains in the equity market were curbed by further signs of weakness in the labor market. On Wednesday, the latest job openings data showed listings fell to levels rarely seen since the height of the pandemic.
“I do expect those pressures to gain momentum over the end of this year, but I doubt we have a meaningful problem for the market rally until after the holidays,” Lauren Goodwin, chief market strategist at New York Life Investments, told CNBC’s “Closing Bell” on Wednesday.
“The reason is that I think there’s still time for the price pressures — for example, ‘no hire, no fire’ economy — to really weigh on what has otherwise been a fairly constructive picture,” Goodwin added.
Wall Street will glean more insight into the labor market Thursday. The ADP private payrolls report is expected to show a softer print. Economists polled by Dow Jones expect private employers added 75,000 jobs in August, down from 104,000 jobs previously. The latest jobless claims data is expected to show a slight uptick.
Those reports come ahead of Friday’s big jobs report, which will determine the near term outlook for a stock market that has been on edge.
‘Expect tariffs to be implemented using other authorities’ if Supreme Court rules against Trump, BofA says
Bank of America thinks that tariffs might remain in place even if the Supreme Court strikes them down, echoing similar sentiments on Wall Street.
A federal appeals court deemed most of President Donald Trump’s tariffs illegal last week. Days later, the president said that he’s going to ask the Supreme Court for an “expedited ruling” to overturn the decision.
“If the Supreme Court rules against the Administration, we expect tariffs to be implemented using other authorities,” economist Stephen Juneau wrote Wednesday, citing Section 122 of the Trade Act of 1974 and Section 338 of the Smoot-Hawley Tariff Act of 1930 as possible options. “While this could result in a lower effective tariff rate, any gains to economic activity could be partially offset by an extended period of elevated uncertainty and higher borrowing costs.”
“Aside from these the White House could go back to its first term playbook and implement tariffs with Section 232 and 301,” he continued. “While legally sound, it would take more time than 122 and 338.”
— Sean Conlon
S&P 500 has averaged a 5.4% gain from September to December since 1928, Piper Sandler finds
With the S&P 500 reaching 20 all-time highs through August this year, Piper Sandler’s Craig Johnson believes the market may be poised for sizable gains during the remainder of 2025, if history is a guide.
“Since 1928, there have been 19 previous occurrences of 20 new highs in the SPX from January through August. The average and median gains were +5.4% from September to December, finishing higher in 89% of these instances,” the chief market technician wrote.
Johnson pointed out that there are some notable exceptions, namely 1987 and 1986, where the market saw a decline of 25.1% from August to December and a 4.3% drop in the same period, respectively. That emphasizes that “late-cycle rallies can be susceptible to sharp corrections, particularly amidst high valuations or unanticipated macroeconomic developments,” he said.
“Despite these outliers, the prevailing trend indicates that such downturns are infrequent, and positive momentum is generally rewarded,” Johnson added.
— Sean Conlon
Estimates for Thursday’s private payrolls, jobless claims
Wall Street will glean more insight into the labor market Thursday.
The ADP private payrolls report is expected to show a softer print. Economists polled by Dow Jones forecast private employers added 75,000 jobs in August, down from 104,000 jobs previously. The report is due out at 8:15 a.m. ET.
The latest jobless claims data is expected to show a slight uptick. The number of first-time applicants for unemployment insurance is set to total 230,000 for the week ending Aug. 30, according to Dow Jones consensus estimates. That would be up from 229,000 previously. The data is set to release at 8:30 a.m. ET.
— Sarah Min
Stocks making the biggest moves after hours
Check out the companies making headlines after hours.
American Eagle Outfitters — The clothing retailer surged almost 24% in extended trading. American Eagle Outfitters topped expectations in the second quarter thanks to a partnership with actress Sydney Sweeney that the company called its “best” advertising campaign to date. The company earned 45 cents per share on revenue of $1.28 billion. Analysts polled by LSEG had expected it to earn 21 cents per share on revenue of $1.24 billion.
Salesforce — The stock dropped more than 4% after Salesforce issued third-quarter revenue guidance of $10.24 billion to $10.29 billion, a little light of the $10.29 billion LSEG consensus estimate. Otherwise, the software company posted a beat in its second quarter, with adjusted per-share earnings of $2.91 on revenue of $10.24 billion. Analysts polled by LSEG had expected per-share earnings of $2.78 on revenue of $10.14 billion.
— Sarah Min
Stock futures open little changed
U.S. stock futures opened little changed on Wednesday night.
Dow Jones Industrial Average futures fell by 76 points, or 0.17%. S&P 500 futures were flat, while Nasdaq 100 futures dipped 0.01%.
— Sarah Min
