US Session: The U.S. Мarkets are Еxpected to Оpen Slightly Higher, Driven by Optimism over Potential Interest Rate Cuts

Five key things investors need to know before the U.S. market opens

1. Bad news turns into good news
Yesterday the market once again showed that sometimes negative economic data can lift stocks. After the private payrolls report signaled a weakening labor market, indexes moved higher as investors bet this would strengthen the case for a Fed rate cut next week.
— ADP reported an unexpected drop of 32,000 jobs in November, versus expectations for +40,000.
— The Dow Jones rose more than 400 points and turned positive for the week.
— Traders now price in about an 89% probability of a rate cut, up from below 70% a month ago.
— Challenger data showed that announced layoffs for the year are the highest since 2020.
— Commerce Secretary Howard Lutnick said the weak ADP data was due to “the government shutdown and mass deportations,” not tariffs.
— Meanwhile, Treasury Secretary Scott Bessent said the Trump administration could reinstate broad tariffs if the Supreme Court rules in its favor.

2. Salesforce delivers an upside surprise
Salesforce beat expectations for third-quarter earnings per share, sending the stock higher in premarket trading. Revenue came in slightly below estimates, but the company issued stronger-than-expected guidance.
Annual revenue from Agentforce — Salesforce’s AI platform — surged 330% year over year. The company has set a target of $60 billion in Agentforce revenue by fiscal 2030.

3. Jensen Huang’s Washington tour
Nvidia CEO Jensen Huang again visited Washington for a meeting with President Trump to discuss chip-export restrictions. He also met with senators currently reviewing a new bill aimed at tightening limits on AI chip exports.
Huang warned that the new GAIN AI Act would be “more damaging to the U.S. than the AI Diffusion Act,” and criticized state-level AI regulations, saying they would “halt the industry” and pose a “national security risk.”

4. A critical vote on vaccines
The Advisory Committee on Immunization Practices — appointed by Health Secretary Robert F. Kennedy Jr. — will vote today on whether to change the longstanding recommendation that newborns receive the hepatitis B vaccine within the first 24 hours.
It’s unclear how the panel will vote, but any change would have major implications. Experts warn that dropping the recommendation could increase chronic infections among children.

5. GM’s rising star
Meet Sterling Anderson — the new executive vice president and chief product officer at General Motors. Known as “the Silicon Valley cowboy,” he is already reshaping the company’s direction.
Anderson will oversee GM’s entire product lifecycle and says he wants faster innovation and a “unified product approach.”
GM is also receiving support from President Trump’s decision to reduce tariffs on South Korea — from which GM is the second-largest importer after Hyundai.

Stock futures were little changed on Thursday as investors grew more confident about a December rate cut.

Dow Jones Industrial Average futures rose by 51 points, or 0.1%. S&P 500 futures added 0.1%, while Nasdaq 100 futures traded slightly below the previous session’s close.

Salesforce shares gained in premarket trading after the company issued stronger-than-expected revenue guidance. Five Below jumped more than 4% following results that significantly beat Wall Street expectations.

The latest ADP employment data released on Wednesday supported the rally in the Dow and the other two major U.S. indexes. The Dow climbed more than 400 points, or 0.9%. The S&P 500 and tech-heavy Nasdaq Composite finished up 0.3% and 0.2%, respectively.

Investors interpreted the ADP report — which showed a surprise drop in private payrolls for November — as a sign the Federal Reserve may be more inclined to cut rates at the upcoming December 10 meeting. Markets now price in an 87% chance of a cut next Wednesday, up significantly from two weeks ago, according to CME’s FedWatch tool.

Today, attention turns to new labor-market data — the Department of Labor will release initial jobless claims for the week ending November 29 at 8:30 a.m. ET. Economists expect a slight increase to 220,000. Challenger, Gray & Christmas will also report planned layoffs for November.

Later this week, other key reports are due: on Friday, the Commerce Department will publish delayed data on spending, income, and the Personal Consumption Expenditures (PCE) index for September — the Fed’s preferred inflation gauge. The University of Michigan will also release its December consumer sentiment survey.

AI-related stocks remained volatile on Wednesday. The tech sector was the weakest in the S&P 500, dragged down by declines in Microsoft, Nvidia, and Broadcom.

Microsoft shares closed down 2.5% after The Information reported the company is lowering its AI software sales targets. Microsoft denied the claims, helping the stock recover from its intraday lows.

“Rotation is often called the ‘engine of a bull market,’ and this cycle has been defined first by leadership from big tech, followed by broadening into cyclicals. In recent days, however, the rotation has shifted toward more defensive sectors — the first meaningful sign of risk-off behavior since the April rebound,” wrote Adam Turnquist, chief technical strategist at LPL Financial. “While this could be just a pullback from elevated levels, the shift deserves attention.”

Investors are also watching developments around the Trump administration’s tariff policy and its potential impact on the labor market. Treasury Secretary Scott Bessent said at the DealBook conference that the administration can reinstate its tariff strategy under provisions of the 1962 Trade Expansion Act, even if current tariffs are blocked by the Supreme Court.