Stock futures gained as AI-darling Nvidia rose to a new record and weak private labor market data gave investors hope the Federal Reserve might move to lower interest rates later this year. Dow Jones Industrial Average futures advanced 84 points, or 0.2%. S&P 500 futures climbed 0.3%, and Nasdaq 100 futures rose around 0.5%. Nvidia climbed more than 1% before the opening bell and extended gains from a day earlier which saw the chipmaker rise to a fresh record. Private payroll data from ADP showed hiring slowed to 152,000 last month, while economists polled by Dow Jones forecast private employers added 175,000. The data is the latest sign of weakness in the labor market that investors hope will give the Federal Reserve enough evidence to cut benchmark interest rates. The latest labor market data sent the benchmark 10-year yield sliding further, adding to weakness seen so far in June. Traders will also monitor data on services and nonmanufacturing purchasing due Wednesday. After that, attention will turn to weekly jobless claims numbers on Thursday and Friday’s all-important May jobs report. “We continue to expect cumulative cuts of 50 basis points by year-end, with the first easing move likely at the September meeting,” UBS Global Wealth Management chief investment officer Solita Marcelli wrote on Wednesday. “This potential for looser financial conditions provides a healthy backdrop for stocks.” Hewlett Packard Enterprise climbed more than 15% after fiscal second-quarter revenue topped Wall Street estimates. CrowdStrike jumped 12% on stronger-than-expected earnings and guidance. Fellow technology firm Meta Platforms climbed 1%. Gains on Wall Street were limited, however, as some investors worry that weak economic data could signal a broader slowdown and outweigh the impact of lower borrowing costs. Job opening and labor turnover data from Tuesday morning showed 8.059 million vacancies in April, the lowest level in more than three years. It also came in well below the 8.4 million consensus forecast from economists surveyed by Dow Jones. On the earnings front, discount retailer Dollar Tree is expected to share results before the bell. Athleisure maker Lululemon is slated to post earnings after the market closes. The benchmark U.S. Treasury yield dipped slightly on Wednesday as investors considered the state of the economy amid a series of key data releases. The yield on the 10-year Treasury was down by less than 1 basis point at 4.33%. The 2-year Treasury yield was last at 4.785% after rising by more than 1 basis point. Asia-Pacific markets were mixed on Wednesday, with stocks in India rising after a heavy sell-off in the previous session as investors assessed India’s election results. India’s Nifty 50 index gained 1.98% and the BSE Sensex added 2%. Australia’s S&P/ASX 200 closed 0.41% higher at 7,759.40. However, Japan’s Nikkei 225 dropped 0.89% to close at 38,490.17, while the broader Topix shed 1.41% to end at 2,748.22. South Korea’s Kospi ended 1.03% higher at 2,689.50, while the smaller-cap Kosdaq rose 0.58% to close at 850.75. Hong Kong’s Hang Seng index traded 0.06% lower, while mainland China’s CSI 300 index dipped 0.58% to close at 3,594.79. Crude oil futures rebounded slightly Wednesday but hovered near a four-month low as a decision by OPEC+ to increase production later this year continued to weigh on the market. U.S. crude oil and global benchmark Brent are down more than 4% this week after eight OPEC+ members agreed Sunday to gradually phase out 2.2 million barrels per day in production cuts. The sell-off is overdone, said Warren Patterson, head of commodities strategy at ING. OPEC+ won’t start increasing production until October, and the global oil balance sheet will tighten beforehand, Patterson said. West Texas Intermediate July contract: $73.64 a barrel, up 39 cents of 0.53%. Year to date, U.S. crude oil is up 2.7%. Brent August contract: $77.93 a barrel, up 41 cents, or 0.53%. Year to date, the global benchmark is up 1%. Gold prices edged higher on Wednesday, helped by weakness in the U.S. dollar and Treasury yields, as market participants waited for more economic data to gauge the Federal Reserve’s next step on monetary policy. Spot gold was up 0.1% at $2,330.70 per ounce after a 1% fall in the previous session. U.S. gold futures rose 0.1% to $2,350.30.