The Labor Department's report, due at 8:30 a.m. ET, is expected to show the number of Americans filing for new claims for unemployment benefits fell for the week ended July 10.
A separate report by the Philadelphia Fed on its business conditions index is also scheduled later in the day. Wall Street has been spearheaded by worries about higher inflation and positive economic data since mid-June, with investors fretting over a sooner-than expected hawkish shift by the Federal Reserve on its monetary policy, that hinges on an equitable recovery of the jobs market.
On his first day of testimony before Congress, Fed Chair Jerome Powell on Wednesday said he is confident recent price hikes are associated with the country's post-pandemic reopening and will fade, and that the central bank should stay focused on getting as many people back to work as possible.