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Futures up: Dow 0.09%, S&P 500 0.03%, Nasdaq 0.06%

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Nebius ( NBIS ) jumps after $17.4B deal with Microsoft ( MSFT )

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Teck Resources gains on merger deal with Anglo American

(Updates prices, adds quote)

By Purvi Agarwal and Ragini Mathur

Sept 9 (Reuters) -

Wall Street futures were subdued on Tuesday, a day after

major U.S. indexes closed near record highs, as investors

adopted a cautious stance ahead of an impending employment rate

revision.

The Bureau of Labor Statistics is set to release a

preliminary estimate of the nonfarm payrolls benchmark at 10

a.m. ET, with economists predicting that the level of U.S.

employment for the 12 months through March could be slashed by

as much as a million jobs.

Recent labor market indicators have already cast shadows of

concern across the minds of investors and Federal Reserve

officials alike, with nonfarm payroll data for July and August

confirming weakening labor market conditions.

The latest report has led traders to fully price in a

25-basis-point reduction in interest rates next week, while bets

also surfaced for a larger 50-bps trim, which stand at 11.8%,

according to CME's FedWatch tool.

At 7:21 a.m. ET, Dow E-minis were up 40 points, or

0.09%, Nasdaq 100 E-minis were up 14.5 points, or 0.06%

and S&P 500 E-minis were up 1.75 points, or 0.03%.

Meanwhile, Nebius ( NBIS ) soared 50.4% in premarket trading

after the AI infrastructure firm signed a $17.4-billion deal

with Microsoft ( MSFT ). Rival CoreWeave ( CRWV ) also rose

5.4%.

Inflation reports due this week will also be on investors'

radar to gauge the impact of President Donald Trump's tariff

policies on the U.S. economy, and whether a case could be made

for a bigger rate cut.

"The interest rate futures market could do a 180-degree

shift if inflation runs hotter than expected," said Kathleen

Brooks, research director at XTB.

"In recent weeks, the markets have determined that the

weakening employment outlook is more important than inflation,

but a nasty upside surprise could weigh heavily on stocks."

All the three main indexes finished Monday's session on a

higher note, with the tech-heavy Nasdaq closing at a record,

lifted by a rally in chip major Broadcom ( AVGO ).

Wall Street has had a broadly positive start to September, a

month deemed historically bad for U.S. equities, with the

benchmark index losing 1.5% on average since 2000, data compiled

by LSEG showed.

In other stocks, U.S.-listed shares of Teck Resources

jumped 15.9% before the bell after the miner agreed to

merge with London-listed Anglo American on Tuesday.

Tourmaline Bio ( TRML ) jumped more than 57.7% after Swiss

pharma giant Novartis said it would acquire the

biopharmaceutical company for $1.4 billion.

UnitedHealth ( UNH ) gained 4.4% after the health

insurer said it

expects

enrollment in top-rated Medicare insurance plans to be in

line with its expectations.

Fox Corp's ( FOXA ) shares fell 5.3% and News Corp's ( NWSA )

dipped 2.7% after Rupert Murdoch and his children

reached an agreement that will give the eldest son Lachlan

Murdoch control over the media empire.