Stock futures were little changed Thursday as investors awaited upcoming unemployment data. S&P 500 futures traded just below the flatline, while Nasdaq-100 futures slipped 0.1%. Futures tied to the Dow Jones Industrial Average added 44 points, or 0.1%. Oracle and Nvidia fell for a third straight day, losing 2% and 0.6%, respectively, as questions over the state of the artificial intelligence trade lingered. The recent market action appears to be reflecting concerns about record-high valuations and potentially risky circular relationships in the AI industry after some recent deals. Declines in those names, along with Micron, led the major averages to close lower for a second day in a row on Wednesday. Thursday’s release of weekly jobless claims data will provide a key economic data point that could influence the Federal Reserve’s monetary policy moves amid increasing concerns about a weakening labor market and rising layoffs. Initial unemployment claims last week eased after a brief spike the week prior. Fed Chair Jerome Powell said on Tuesday that a slowing labor market is outweighing concerns about stubborn inflation, which contributed to the Federal Open Market Committee’s recent decision to lower interest rates for the first time this year. Powell noted “a marked slowdown” in supply and demand and said that “in this less dynamic and somewhat softer labor market, the downside risks to employment have risen.” Salvatore Ruscitti, U.S. equity strategist at MRB Partners, said he does not expect the recent hiring slump to become a “self-reinforcing negative cycle” that causes a spike in layoffs. “On the jobless claims data, clearly it is a focus of the equity markets, especially with the Fed leaning more towards emphasizing the maximum employment part of its mandate,” Ruscitti said. “I think you would have to see a meaningful spike higher in weekly jobless claims to elicit a meaningful negative reaction in the equity market.” Investors are also cautious ahead of the personal consumption expenditures price index due Friday and are monitoring developments regarding a potential government shutdown. U.S. Treasury yields held steady on Thursday as investors awaited the latest weekly jobless claims data and monitored the state of the U.S. economy. At 6:27 a.m. ET, the 10-year Treasury yield was down less than one basis point at 4.141%, while the 2-year Treasury yield was marginally higher at 3.601%. The 30-year Treasury bond yield was lower by just over one basis point to 4.742%. Japan’s Nikkei 225 notched a fresh record Thursday at 45,754.93, marking six consecutive sessions of gains. The broad based Topix also closed at a new high of 3,185.35. Other Asia-Pacific markets traded mixed Thursday, breaking ranks with Wall Street after investors continued selling tech names like Nvidia and Oracle for a second straight day. Hong Kong’s Hang Seng Index fell 0.13%, closing at 26,484.68. On the mainland, China’s CSI 300 advanced 0.6% and closed at 4,593.49. South Korea’s Kospi ended just below the flatline at 3,471.1, while the small-cap Kosdaq fell 0.98% to close at 852.48. Taiwan’s Taiex retreated 0.66%, with heavyweight Taiwan Semiconductor Manufacturing Company down 1.49%. This comes after Bloomberg reported that chip giant Intel is seeking an investment from Apple. Australia’s S&P/ASX 200 reversed earlier losses and added 0.1%, ending at 8,773. Oil prices edged down on Thursday, retreating from the previous session’s seven-week high, as some investors took profits after U.S. stocks closed lower and in anticipation of slower winter demand as well as the return of Kurdish supplies. Brent futures were down 24 cents, or 0.35%, at $69.07 a barrel by 1010 GMT. U.S. West Texas Intermediate futures lost 31 cents, or 0.48%, to $64.68. Both benchmarks gained 2.5% on Wednesday to reach their highest since Aug. 1, driven by a surprise drop in U.S. weekly crude inventories and concerns that Ukraine’s attacks on Russia’s energy infrastructure could disrupt supplies. “We have a generally risk-off market,” said Giovanni Staunovo, commodity analyst at UBS. Two consecutive down days for U.S. equities are putting pressure on oil prices, he added. Gold rose on Thursday as geopolitical and economic tensions heightened safe-haven demand, while investors awaited U.S. economic data for clues on the Federal Reserve’s monetary policy trajectory. Spot gold was up 0.6% at $3,756.29 per ounce, as of 0857 GMT, after hitting a record high of $3,790.82 on Tuesday. U.S. gold futures for December delivery rose 0.5% to $3,787.0.