Dow, S&P 500, Nasdaq futures steady with Fed rate cut seen as done deal

US stock futures were steady late Thursday as Wall Street took stock of the US economy from a lofty, record-setting perch ahead of the Federal Reserve’s highly anticipated decision on interest rates next week.

Dow Jones Industrial Average futures (YM=F) rose 0.1%. Futures tied to the S&P 500 (ES=F) and the tech-heavy Nasdaq (NQ=F) rose just above the flatline. All three major indexes rallied to records on Thursday, with the Dow (^DJI) closing above 46,000 for the first time.

Investors have took in several weeks’ worth of economic data to gain clues on the Fed’s next move. Over the last week, jobs data has shown clear signals of labor market weakness, with just over 20,000 jobs added last month and initial jobless claims surging to a near four-year high.

Meanwhile, inflation remains stubborn, with consumer prices rising last month amid more signs that President Trump’s tariffs are filtering their way into the economy. But investors are betting inflation is tame enough for the Fed to cut next week — and then some.

Traders are pricing in a more than 90% chance of a quarter-point cut when the Fed holds its September meeting. Beyond that, around 80% expect the central bank to cut the equivalent of three times before the end of the year.

Read more: The latest on Trump’s tariffs

Along with stocks, Treasuries rallied on Thursday. The 10-year yield (^TNX) fell to near 4%, around its lowest levels of the year. The 30-year yield (^TYX) was down below 4.65%, after touching 5% just last week. Gold (GC=F) touched fresh records.

The lead up to the Fed in the next few days will likely be quieter. But Friday brings an initial reading of consumer sentiment this month from the University of Michigan. Though most signals point to consumer spending holding steady, Americans are souring on their purchasing power — and on the job market as a whole.