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.

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