Dow futures exhibited a modest uptick, as investors monitored stabilizing bond markets while anticipating the forthcoming release of significant U.S. economic data later in the week. The Trump administration has submitted an appeal to the Supreme Court, seeking to maintain emergency powers that enable the president to implement a series of import tariffs. A recent Federal Reserve report indicates minimal shifts in the economy over the past weeks, despite ongoing concerns among firms regarding persistent inflation. Figma presents its inaugural earnings report following its remarkable initial public offering earlier this year.

Dow futures remained slightly elevated on Thursday, as global bond markets found stability following a period of selling earlier in the week. As of 03:55 ET (07:55 GMT), the S&P 500 futures contract experienced an increase of 8 points, representing a 0.1% rise, while Nasdaq 100 futures saw a gain of 36 points, or 0.2%. In contrast, Dow futures remained largely stable. Comments from several Federal Reserve officials, including Governor Christopher Waller, have contributed to a stabilization in bond markets, reinforcing expectations that the central bank is poised to continue reducing interest rates at its upcoming meeting later this month. Meanwhile, an auction of longer-dated Japanese government debt experienced lackluster demand; however, the takeup was sufficient to avert renewed anxiety within the bond markets. The nation’s 30-year bond yield previously surged to a historic high. Yields typically exhibit an inverse relationship with prices. On Wednesday, the benchmark S&P 500 and Nasdaq Composite both concluded the trading session with gains, propelled by a surge in shares of Alphabet after a court ruling that exempted the Google parent company from the necessity of dismantling its extensive operations. A judge on Tuesday permitted Google to maintain oversight of its widely used Chrome browser and Android operating system, while prohibiting it from entering into certain exclusive contracts. The decision preserved a profitable payments arrangement between Google and Apple, catalyzing a surge in the iPhone manufacturer’s stock.

The Trump administration has petitioned the Supreme Court to consider its case aimed at maintaining the president’s trade tariffs, with the White House seeking to reverse a lower court decision that deemed the majority of the levies unlawful. The implementation of increased tariffs on various countries has emerged as a fundamental component of President Donald Trump’s economic strategy following his reinstatement in January. He has asserted that the actions are warranted under a 1977 statute designed for emergency powers, contending that they will facilitate the reshoring of American manufacturing jobs and rectify trade imbalances he views as detrimental. Nonetheless, a federal appeals court determined late last month that Trump had exceeded the limits of his authority by invoking the statute referred to as the International Emergency Economic Powers Act, or IEEPA. In a formal submission, Solicitor General D. John Sauer emphasized that the “stakes in this case could not be higher” and called on the Supreme Court to consider the issue by September 10, with arguments scheduled for November. The court’s new term is set to commence in October. Trump expressed confidence that the Supreme Court would align with the administration, cautioning that a contrary decision could lead to significant detriment for the U.S. economy. He noted that the framework trade agreements recently established with various trading partners could potentially be reversed if the White House does not prevail in the case.

The economy exhibited minimal variation in recent weeks leading up to late August, despite businesses preparing for additional inflationary pressures, as indicated by the Federal Reserve’s “Beige Book” report published on Wednesday. “Most of the twelve Federal Reserve Districts reported little or no change in economic activity since the prior Beige Book period,” the Fed stated in its Beige Book, which relies on anecdotal information gathered by the Fed’s 12 regional banks through August 25. Across the districts, indications that consumer caution regarding spending is on the rise have become more pronounced, as “many households are experiencing wages that fail to keep pace with escalating prices,” the report observed, highlighting “economic uncertainty and tariffs as detrimental influences.” In the labor market, eleven districts reported minimal or no net variation in overall employment levels. However, there were potential signs of soft patches in the employment landscape, as the report indicated that employers are increasingly reluctant to bring on new workers. Analysts at Vital Knowledge noted that “The Beige Book” described an economy grappling with persistent stagflationary forces, characterized by decelerating growth and weakening labor momentum, all while inflationary pressures remain elevated.

Figma’s shares experienced a decline exceeding 15% during after-hours trading, following the release of the design software group’s inaugural quarterly earnings report since its notable market entry, which failed to meet the elevated expectations of tech and artificial intelligence investors. Figma experienced a significant increase in its stock price following its initial public offering on July 31, resulting in a valuation of approximately $50 billion and potentially setting a precedent for other notable technology companies considering public listings. However, shares have subsequently declined, influenced in part by multiple Wall Street analysts initiating their coverage of Figma in August with “neutral” ratings, expressing concerns regarding the company’s high valuation and fierce competition. Figma provides collaborative design software utilized by prominent customers such as online travel leader Airbnb and streaming video powerhouse Netflix, enabling enterprises to develop websites, applications, and various digital products. In the second quarter, revenue increased by 41% to $249.6 million, surpassing estimates of $248.8 million, as reported by LSEG data referenced by Reuters. Adjusted earnings per share were reported at $0.09, exceeding forecasts of $0.08. Full-year revenue is projected to be between $1.02 billion and $1.03 billion. Analysts had projected it at $1.01 billion. Analysts cited by Reuters indicated that, notwithstanding the marginal outperformance, Figma’s valuation suggests that even robust figures could fail to meet the expectations of some investors.

Gold prices declined, experiencing a bout of profit-taking following the yellow metal’s ascent to record highs, while the dollar stabilized in anticipation of additional insights regarding the U.S. labor market and potential interest rate reductions. Bullion reached a succession of historic highs this week, driven by increasing belief that the Fed will lower interest rates during its meeting on September 16-17. Demand for gold as a safe haven was bolstered by concerns regarding elevated government debt levels in developed economies. Spot gold declined by 0.5% to $3,540.12 per ounce, whereas December gold futures experienced a 1.0% decrease, settling at $3,598.20 per ounce as of 03:49 ET.