5 things to know before the stock market opens Thursday, July 3

Here are five key things investors need to know to start the trading day:

Stock futures were little changed Thursday morning as investors braced for the Bureau of Labor Statistics’ nonfarm payrolls report for June, due in at 8:30 a.m. ET. Economists polled by Dow Jones expect the addition of 110,000 jobs for the month. The big jobs report follows ADP’s private payrolls report released Wednesday, which showed that the private sector lost 33,000 jobs in June — far below the Dow Jones expectation for an increase of 100,000. The huge miss pressured markets in Wednesday morning trading, but news of a U.S.-Vietnam trade deal helped stocks climb back. The S&P 500 ended Wednesday’s session with new intraday and closing highs, closing up 0.47%, while the Nasdaq Composite gained 0.94%. The Dow Jones Industrial Average lagged, dropping 10.52 points, or 0.02%. The New York Stock Exchange and the Nasdaq will close at 1 p.m. ET Thursday and will be closed Friday for Independence Day. Follow live market updates.

President Donald Trump on Wednesday announced that the U.S. and Vietnam have reached a deal on trade. Under the terms of the agreement, which Trump detailed in a Truth Social post, imports to the U.S. from Vietnam will face a 20% tariff. That’s less than the 46% blanket rate Trump imposed on the country in early April, but more than the 10% rate that has been in effect under the 90-day tariff pause. The deal also imposes a 40% tariff on transshipping, a tactic for avoiding trade barriers in which goods from one country are routed through another before their final shipment to the U.S. Retail stocks with significant exposure to Vietnam — which include Nike, Lululemon, Deckers and Under Armour — initially rose on news of a deal, but then gave back their gains after Trump revealed the 20% and 40% tariff rates. Nike still ended the session up 4%.

Microsoft is laying off about 9,000 of its employees in yet another round of cuts this year. A person familiar with the matter told CNBC that the move — which will affect less than 4% of Microsoft’s global workforce — comes as the company looks to reduce management layers. “We continue to implement organizational changes necessary to best position the company and teams for success in a dynamic marketplace,” a Microsoft spokesperson said in an email. The company laid off less than 1% of its workforce in January, then cut about 6,000 employees in May, followed by at least 300 more in June.

Electric vehicle maker Tesla reported about 384,000 deliveries for its second quarter on Wednesday, a 14% decline from the same period last year. It’s the second-straight quarter of year-over-year declines for the company, which faces competition from Chinese EV makers as well as political backlash against CEO Elon Musk. Shares of Tesla ended the day up nearly 5% but were still down about 22% so far this year. Tesla wasn’t the only EV maker to report deliveries on Wednesday. Rivian said it delivered 10,661 vehicles in its second quarter, a 22.7% year-over-year decline, while Lucid reported 3,309 second-quarter deliveries, a 38% rise from the same period last year.

Amazon’s Freevee is shutting down. The free, ad-supported streaming service will be discontinued in August, according to a notice, at which point users will be able to watch content for free on Prime Video without having to subscribe to Amazon’s Prime loyalty program. But the move isn’t a total surprise: Amazon told Deadline in November that it had decided to “phase out Freevee branding” in order to “deliver a simpler viewing experience for customers.” The company introduced ads to Prime Video in January 2024.

— CNBC’s Sean Conlon, Brian Evans, Lisa Kailai Han, Kevin Breuninger, Tom Rotunno, Sarah Min, Jordan Novet, Lora Kolodny, Annie Palmer and Reuters contributed to this report.