U.S. stock futures were little changed on Friday as investors remained cautious ahead of Friday’s closely watched U.S. jobs report, while comments from Federal Reserve Governor Christopher Waller helped ease some concerns over an imminent interest-rate hike.

Meanwhile, a sharp selloff in Lululemon and a leadership change at Adobe added to the corporate news flow, while investors also digested fresh developments in artificial intelligence.

1. U.S. futures steady ahead of payrolls report

U.S. stock index futures were broadly flat on Thursday evening following a positive session on Wall Street, as investors continued to assess the outlook for interest rates.

S&P 500 Futures slipped slightly to 7,752.25 points, while Nasdaq 100 Futures were little changed.

Markets have remained cautious ahead of Friday’s August nonfarm payrolls report, which could provide an important signal on the health of the U.S. labor market and the Federal Reserve’s next policy move.

The jobs report is one of the most important economic releases for investors because it could influence expectations for interest rates. A stronger report could give the Fed more room to keep policy tight, while weaker employment growth could support the case for holding or eventually lowering rates.

2. Waller cools rate-hike fears ahead of jobs data

The rate outlook became somewhat less hawkish after Fed Governor Christopher Waller said recent economic data showed encouraging signs of disinflation.

Waller indicated that if upcoming data continue to show inflation cooling, he would favor keeping interest rates unchanged at the Fed’s Sept. 15-16 policy meeting.

His comments followed similarly cautious remarks from New York Fed President John Williams, who has advocated a wait-and-see approach to monetary policy.

Financial markets subsequently reduced the probability of a 25-basis-point rate hike this month to around 50%, from nearly 65% previously.

Interest-rate expectations have become a major driver of stock prices. If investors become more confident that the Fed will leave rates unchanged, pressure on technology and other rate-sensitive stocks could ease. Friday’s jobs data could either reinforce or reverse that shift.

3. Lululemon slashes outlook again, shares plunge

Lululemon Athletica shares tumbled about 18% in extended trading after the athleisure company cut its full-year forecasts again and reported quarterly sales below expectations.

The results put further pressure on incoming CEO Heidi O’Neill, who will be tasked with reviving the brand and winning shoppers back from newer competitors.

The company is looking to refresh its product lineup as it attempts to regain momentum in an increasingly competitive athleticwear market.

Lululemon’s warning is another sign that even established consumer brands can face pressure when shoppers have more alternatives. Investors will be watching whether the company can turn around its sales performance as management works to refresh its products and rebuild demand.

4. Adobe names Anil Chakravarthy as new CEO

Adobe said Anil Chakravarthy will become its next president and chief executive officer, succeeding longtime CEO Shantanu Narayen.

Chakravarthy, currently president of Adobe’s Customer Experience Orchestration business and worldwide field operations, will take over on Dec. 1 and join the company’s board.

Narayen will become executive chair and work with Chakravarthy during the transition.

The leadership change comes as Adobe seeks to accelerate growth by integrating artificial intelligence more deeply across its creativity, productivity and customer-experience products. Chakravarthy said he would focus on the next era of "agentic software."

Why it matters: Adobe is competing in a rapidly changing software market where AI is reshaping how customers create and manage content. Investors will be watching whether the leadership transition can help Adobe turn its large installed customer base and AI capabilities into faster growth.

5. OpenAI rolls out GPT-6 Astra as AI competition intensifies

OpenAI introduced GPT-6 Astra, initially rolling it out to enterprise customers with daybreak access before making it available more broadly to Plus, Pro, Business and Enterprise users.

The model will also be accessible through the OpenAI API and AWS. OpenAI set standard API pricing at $10 per million input tokens and $50 per million output tokens.

The launch comes as competition in the AI industry continues to intensify, with companies racing to improve model capabilities while expanding their use across business and consumer applications.

New AI models matter to investors because they can influence spending on cloud computing, data centers, semiconductors and software. More capable models could increase demand for AI infrastructure, while lower costs and stronger competition could put pressure on companies’ margins.

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