US stock futures steady as rate-cut conviction runs high

Stock market today: Dow, S&P 500, Nasdaq steady as Wall Street cements in rate-cut hopes
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[Rian Howlett](/author/rian-howlett)  and [Karen Friar](/author/karen-friar)

Updated Thu, December 4, 2025 at 3:34 PM GMT+1 2 min read

+0.57%](/quote/ADP/ "ADP")

[SNOW

-8.96%](/quote/SNOW/ "SNOW")
* [^IXIC

-0.07%](/quote/%5EIXIC/ "^IXIC")

[YM=F

+0.09%](/quote/YM%3DF/ "YM=F")

[ES=F

+0.19%](/quote/ES%3DF/ "ES=F")

US stocks inched higher on Thursday as Wall Street digested fresh jobs data, with traders baking in expectations that the Federal Reserve will deliver a December rate cut.

The Dow Jones Industrial Average ([^DJI](https://finance.yahoo.com/quote/^DJI)) and the S&P 500 ([^GSPC](https://finance.yahoo.com/quote/^GSPC)) put on over 0.2%. The tech-heavy Nasdaq Composite ([^IXIC](https://finance.yahoo.com/quote/^IXIC)) also added nearly 0.2% on the heels of [small closing gains](https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-rise-as-weak-adp-jobs-data-reinforces-growing-fed-rate-cut-bets-210358240.html) for Wall Street stocks.

DJI - Free Realtime Quote • USD

(^DJI)
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47,984.11

+101.21

+(0.21%)

As of 9:35:22 AM EST. Market Open.

^DJI ^IXIC ^GSPC

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[Speculation that Kevin Hassett](https://finance.yahoo.com/news/treasury-secretary-bessent-stops-short-of-confirming-kevin-hassett-as-next-fed-chair-163552987.html) will replace Jerome Powell as Fed chair is playing into expectations for lower rates. The White House's top economic advisor is seen as likely to usher in a more-dovish era at the Fed, given his backer President Trump's aggressive campaign for rapid cuts. But markets are said to be [doubtful about Hassett](https://finance.yahoo.com/news/market-doubts-hassett-deliver-fed-060917176.html), and bond investors have reportedly [voiced concerns](https://finance.yahoo.com/news/bond-investors-warned-us-treasury-181839269.html) to the US Treasury.

Further clues to the state of the labor market came Thursday, with jobless claims unexpectedly falling but another report finding last month was the [worst November for corporate layoffs](https://finance.yahoo.com/news/employers-announced-more-than-71000-layoffs-last-month-in-worst-november-since-2022-challenger-124809066.html) in three years. Markets are now starting to count down to Friday's release of the delayed September PCE reading on consumer prices — the Fed's preferred gauge of inflation — to put rate-cut optimism to a tougher test.

Results from retailers Dollar General ([DG](https://finance.yahoo.com/quote/DG)) and Kroger ([KR](https://finance.yahoo.com/quote/KR)) could shed light on the resilience of the consumer, while Hewlett-Packard Enterprise ([HPE](https://finance.yahoo.com/quote/HPE)) earnings are also on the docket on Thursday.