S&P Futures recorded slight increases Thursday morning, following a robust jobs report that elicited mixed reactions, as traders absorbed additional earnings updates from major corporations. Dow futures rose by 143 points, or 0.28%, with both S&P 500 and Nasdaq futures reflecting comparable percentage gains. Cisco Systems experienced an 8% decline in premarket trading following the release of disappointing guidance for the current quarter from the manufacturer of networking hardware, including switches and routers. McDonald’s experienced a turnaround following an earnings beat.

Those moves follow a disappointing trading day, with the 30-stock Dow down by more than 66 points, or 0.1%, while the Nasdaq Composite fell approximately 0.2%. The S&P 500 concluded the day slightly down. Stocks concluded the session in a downturn, despite an earlier surge fueled by a robust jobs report. The January nonfarm payrolls report revealed a significant jobs growth of 130,000 last month, exceeding economists’ expectations and surpassing the downwardly revised gain from December. The unemployment rate decreased to 4.3%, down from 4.4%.

The report provided reassurance to investors concerned about a potential decline in the labor market, especially in light of a series of recent data suggesting a slowdown in a “no hire, no fire” environment. However, the robust payroll figures complicate the Federal Reserve’s interest rate projections and may result in fewer rate reductions than traders anticipated, particularly if elevated inflation continues to pose a challenge. That highlights the significance of Friday’s consumer price index, which may provide the central bank with the insights necessary for achieving a more balanced dual mandate.

“It’s going to put a lot of weight on Friday’s CPI report, because if that comes in tame, at least the market can understand that the inflation part of the Fed’s equation is cooling,” Tom Lee told. “And of course, now, if the job market is showing decent strength, it kind of relieves us from a macro perspective, because at least we’re not seeing an economic downturn,” Lee continued. On Thursday morning, additional data regarding the labor market will be released, including the most recent weekly jobless claims figure. The report on existing home sales is also scheduled for release. Restaurant Brands International is one of the companies scheduled to report on Thursday before the market opens.