Futures Steady After Rally With All Eyes On Labor Market Data.

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U.S. stock index futures were trading flat on after a rally that made the previous session the best in a week; with investors looking forward to weekly jobless claims data for clues about the state of the labor market.

After a dull start to August, Wall Street’s main indexes roared back to life on a boost from a slew of strong results from companies including PayPal Inc (PYPL.O) and CVS Health.

The second-quarter earnings season has helped markets bounce back from concerns around the fallout of the Ukraine war; soaring inflation, flare-up in China COVID-19 cases and an aggressive rise in borrowing costs.

The benchmark S&P 500 (.SPX) has gained nearly 14.2% from its mid-June lows, but is still in a bear market and down 12.8% for the year.

After an unexpected rebound in July services activity that allayed recessions fears, market participants will keep a close eye on data related to labor market.

Reuters.

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