S&P 500 and Nasdaq Futures Hold Steady as Markets Await Supreme Court Ruling

US equity index futures remain in consolidation mode on Thursday, with the S&P 500 and Nasdaq holding near key technical levels as investors await a potentially market-moving Supreme Court ruling and a dense slate of labor market data.

Previous session: mixed close

In the prior trading session, the S&P 500 finished nearly flat, managing to stay above the 6,900 level and preserving its position near record territory. The Nasdaq Composite, however, underperformed, slipping back below a local downward trendline and closing near 25,500.

Once again, investors are recalibrating expectations. Momentum slowed. Direction paused.

Today’s setup: consolidation near key levels

During early futures trading, both indices continue to trade sideways.

• S&P 500 futures remain above 6,900, with immediate support seen near 6,850.
• Nasdaq futures are holding above 25,500 after failing to reclaim the local descending trendline.

From a technical perspective, price action reflects hesitation rather than distribution.

What’s driving markets right now?

Markets are closely watching an expected US Supreme Court decision on the legality of tariffs imposed during Donald Trump’s presidency. The ruling could have implications for trade policy expectations and corporate pricing power — a potential volatility catalyst.

At the same time, investors are focused on US labor market data:

• December nonfarm payrolls and the unemployment rate
• Average hourly earnings (month-over-month)
• University of Michigan inflation expectations

Initial jobless claims came in at 208,000, slightly below expectations, reinforcing the narrative of a still-resilient labor market.

Later today, FOMC member Neel Kashkari is scheduled to speak on economic challenges and opportunities in the energy sector — comments that could influence rate-sensitive assets.

Sector performance snapshot

Cyclical sectors showed relative strength in the prior session:

• Leaders: XLE, XRT, XLB, XLY

Growth-oriented sectors were mostly under pressure:

• Decliners: IBB, SKYY
• Gainers: MJ, XLC

Defensive sectors posted mixed results:

• Outperformance: XLP
• Underperformance: XLV

Cross-asset signals

Intermarket dynamics point to rising caution:

• Oil extended gains, approaching the upper boundary of a local ascending channel near $59.
• US Treasury yields remain range-bound, hovering around 4.18%.
• VIX has established itself above 15, suggesting a build-up in short-term volatility.
• Gold continues to trade within an ascending channel, approaching the 4,500 level.

With futures pinned near critical technical levels and multiple macro catalysts ahead, markets appear to be in a wait-and-see phase. A clear break from consolidation is likely to depend on the tone of labor data — or the surprise factor from the Supreme Court ruling.

For now, patience dominates. Volatility is quietly building.

Technical analysis by: Lucas Grant, Senior Technical Analyst at Finmire.