Today, Thursday, markets are closely watching the ADP Employment Change at 8:15 AM EST and ISM Services PMI at 10:00 AM EST, both high-volatility events serving as key precursors to Friday's jobs report. Current market sentiment indicates a high probability (over 90%) of a 25-basis-point Fed rate cut at the September FOMC meeting, driven by a softening labor market and moderating, yet persistent, inflation. Tomorrow, Friday, the highly anticipated Nonfarm Payrolls and Average Hourly Earnings at 8:30 AM EST will be crucial in shaping the Fed's monetary policy outlook, especially amidst ongoing tariff disputes and differing views among Fed officials regarding the pace of future cuts. Looking ahead, next Wednesday's Producer Price Index (PPI) data at 8:30 AM EST, followed by critical Consumer Price Index (CPI) reports next Thursday at 8:30 AM EST, will provide essential insights into inflation trends, as current inflation remains above the Fed's 2% target. Traders should brace for significant volatility around Friday's NFP and wage growth data, which are paramount for near-term Fed policy direction, with a September rate cut highly anticipated. Today's ADP and ISM Services data offer an immediate read on the economy. Next week's inflation reports (PPI, CPI) will further solidify rate expectations amidst ongoing tariff uncertainties and differing Fed views.

Semiconductor giant Broadcom anchors a busy Thursday after close, with numerous software companies also reporting. Next Tuesday sees Synopsys after market close, followed by software leader Adobe closing out the week on Next Thursday after close.