On Thursday, U.S. stock index futures edged lower as Treasury yields climbed higher, with investors eagerly awaiting jobless claims data for insights into the Federal Reserve’s interest rate plans.

In a week characterized by a lack of major market-moving events, investor enthusiasm has waned slightly as they seek clarity on the monetary policy outlook. Last week’s softer-than-expected payrolls data fueled speculation of potential rate cuts by the Fed, either one or two times this year.

While the S&P 500 closed flat on Wednesday after four consecutive sessions of gains, the Nasdaq experienced a second consecutive day of decline. In contrast, the Dow Jones Industrial Average extended its winning streak to six sessions, reaching above 39,000 points for the first time in five weeks.

Market analysts note that money market traders are now pricing in U.S. rate cuts of 43 basis points by the end of 2024, a significant shift from their earlier expectations of just one rate cut. This change reflects ongoing uncertainties surrounding the economy and inflation dynamics.

Investor attention will turn to the weekly jobless claims data and comments from San Francisco Fed President Mary Daly, as they seek further guidance on economic trends and Fed policy intentions.

On Wednesday, Boston Fed President Susan Collins expressed confidence in the current monetary policy stance, suggesting it will effectively moderate economic growth to address inflation concerns.

The yield on 10-year Treasury notes, a key indicator of global borrowing costs, saw a consecutive uptick following the auction of 10-year notes, adding pressure on major tech stocks like Apple and Microsoft in premarket trading.

As of early morning, S&P 500 e-minis slipped 0.34%, Nasdaq 100 e-minis declined 0.44%, and Dow e-minis dropped 0.27%.

Arm Holdings faced a significant decline of 8.7% after forecasting full-year revenue below expectations despite exceeding estimates for the March quarter. Rival chipmaker Nvidia also experienced a slight dip of 0.7%. And, Tesla shares dipped 1.1% following reports of escalating job cuts in China, impacting the electric vehicle maker’s operations.

On a positive note, Robinhood Markets saw a 5.4% increase after surpassing estimates for first-quarter profit, attributed to strong crypto trading volumes and increased net interest revenue. However, Airbnb shares slid nearly 8% after the company’s second-quarter revenue forecast fell below market expectations, signaling potential challenges ahead for the vacation rental platform.