U.S. stock index futures edged higher on Thursday as investors looked ahead to the monthly jobs report to gauge the impact of President Donald Trump's trade policies on the labor market and the Federal Reserve's interest rate trajectory.

Asian shares were mixed on Thursday, as Wall Street’s big recent rally lost some momentum following a pair of potentially discouraging reports on the American economy. U.S. futures edged lower and oil prices declined.

Wall Street loves a catchy acronym, and the “TACO trade” has captured the mood, as investors and analysts attempt to make sense of the roller-coaster market action that has followed President Donald Trump’s sweeping tariff threats and subsequent walk-backs.