Cooling signals from the labor market, including softer job openings and modest private payroll growth, were balanced by steady ISM services activity. Attention now turns to jobless claims and Friday’s employment report, with expectations centered on the Federal Reserve keeping rates unchanged for now, while easing later in the year remains priced.

Cyclical shares underperformed, while the Nasdaq found support from large-cap technology names, led by Alphabet. Incoming labor data remains the key guide for near-term policy expectations.

In corporate news, Blackstone shares slipped after Trump outlined plans to restrict institutional purchases of single-family homes. Although the proposal would require congressional approval and Blackstone said its exposure is limited, the announcement stirred fresh concerns around tighter oversight in real estate.

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