Softening Labor Market Pressures US Stock Futures

US stock futures dipped slightly on Wednesday following data indicating a softening labor market, signaling a potential shift from the prolonged economic resilience to higher interest rates. Futures for the S&P 500 and Nasdaq retreated from their recent record highs but remained near the key thresholds of 5,500 and 20,000, respectively, while Dow futures showed marginal declines. The ADP report revealed fewer-than-expected private-sector job additions in June, and the Department of Labor reported that continuing unemployment claims reached their highest level in over two years for the ninth consecutive week. Tesla remained in focus on the corporate front, with futures indicating a 3% higher opening following a 10% surge the previous day, bolstered by strong delivery figures. US stock markets will close early on Wednesday and remain closed on Thursday for the US Independence Day holiday, reopening on Friday.

Despite rising above the descending trend zigzag, Nasdaq experienced downward fluctuations. The initial support level to watch is 20,150. Below this, subsequent levels are at 19,900 and 19,800. On the upside, the first resistance level is at 20,285. Above this, further levels to monitor are 20,370 and 20,500.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
20,500	20,370	20,285	20,150	19,900	19,800