Big tech stocks rebounded in premarket trading. Tesla, Super Micro, Palantir up around 1%; Apple up 0.7%; AMD up 0.4%.

Investors are closely monitoring the economic data and trade tensions after Trump said he won’t delay the July 9 deadline for imposing higher levies on trading partners. Stock markets — which once swung wildly on trade headlines — appear to see little risk, as equity indexes sit near all-time highs. The calm is being fueled by expectations Trump will extend his tariff deadline based on his pattern of threatening first and backing down later.

“We are locked firmly in wait-and-see mode” ahead of the jobs data, said Tony Sycamore, market strategist at IG Australia Pte. “If the report is softer than expected, it will strongly support the case for a dovish pivot. I see the chances of a rate cut in July building up,” he said.

The June employment report, due on Thursday given the July 4 holiday on Friday, is forecast to show growth in the workforce easing to about 110,000 new jobs from 139,000 the prior month, according to economists surveyed by Bloomberg. The unemployment rate is seen nudging up to 4.3%.

For a Federal Reserve awaiting more clarity on the potential inflationary impact from tariffs, any pronounced deterioration in the labor market would likely lead to more pressure on officials to lower interest rates.

On trade, Trump has for weeks sought to exert leverage over US trading partners with threats to set high levies on governments he sees as being difficult, and then back down — a strategy analysts and strategists call “TACO” for “Trump Always Chickens Out.”

Trump’s latest tariff comments don’t pose a major threat to Japanese stocks, said Neil Newman, head strategist at Astris Advisory Japan.