A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., September 3, 2025. (Reuters File)

- Wall Street indexes rose as labor market data did not alter rate cut expectations.
- Broadcom shares increased 1.2% ahead of its quarterly results.
- Salesforce shares fell 5.2% after forecasting revenue below Wall Street estimates.
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The three major U.S. stock indexes were higher on Thursday as labor market data did not change expectations for an interest rate cut by the Federal Reserve this month.
Shares of chip company Broadcom, considered a key artificial intelligence player, were up 1.2% ahead of its quarterly results due after the closing bell.
Also helping the market, Amazon.com was up more than 3%, while Meta Platforms was up more than 1%.
Data earlier showed that the number of Americans filing new applications for unemployment benefits increased more than expected last week, while hiring by private employers slowed in August, further evidence that labor market conditions were softening.
But investors are especially keen to see the U.S. monthly jobs report due on Friday.
“The labor market data we’re going to get – payrolls – tomorrow I don’t see really changing anything significantly because (Fed Chair Jerome) Powell has effectively already told us we’re getting a cut unless it’s really, really out of bounds,” said Mike Dickson, head of research and quantitative strategies at Horizon Investments in Charlotte, North Carolina.
The Dow Jones Industrial Average rose 325.18 points, or 0.72%, to 45,596.41, the S&P 500 gained 36.04 points, or 0.56%, to 6,484.30 and the Nasdaq Composite gained 124.88 points, or 0.58%, to 21,622.61.
Investors are pricing in a 95% probability of a 25 basis-point cut, CME’s FedWatch Tool showed. The move was largely expected after July’s bleak payrolls figures and Powell’s dovish comments.
Limiting some of the day’s gains, Salesforce shares fell 5.2% after the company forecast third-quarter revenue below Wall Street estimates on Wednesday, signaling lagging monetization for its AI agent platform.
September is historically a weak month for stocks, with the S&P 500 losing 1.5% on average since 2000, according to LSEG data.
Among other gainers, American Eagle Outfitters shares jumped after the apparel company forecast third-quarter comparable sales above estimates on Wednesday.
Advancing issues outnumbered decliners by a 2.08-to-1 ratio on the NYSE. There were 181 new highs and 53 new lows on the NYSE.
On the Nasdaq, 2,340 stocks rose and 2,120 fell as advancing issues outnumbered decliners by a 1.1-to-1 ratio.
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(Reporting by Caroline Valetkevitch in New York and Purvi Agarwal and Ragini Mathur in Bengaluru; Editing by Pooja Desai, Maju Samuel and Matthew Lewis)