Wall Street is set to open higher on Thursday, in the wake of a positive ADP employment survey and a further easing of bond yields.

Half an hour before the opening, futures contracts on the major New York indices were up between 0.2% and 0.6%, signalling a favorable start to the session in the wake of the previous day's upturn.

According to the monthly ADP survey, which precedes the official employment statistics due on Friday, the US private sector created only 152,000 jobs last month, whereas the market was expecting 175,000.

Given that an easing of tensions on the labor market remains a determining factor for the Federal Reserve's rate-cutting timetable, these worse-than-expected figures could prompt the central bank to cut rates sooner than expected.

Following the ADP report, traders revised upwards the estimated probability of an interest rate hike in September, now estimated at 56.7% versus 42.1% a week ago, according to the CME Group's FedWatch barometer.

The bond market continues to ease, with the yield on 10-year Treasuries returning to 4.31%, an almost two-month low.

The market's renewed optimism could be strengthened or dissipated early in the session by the publication of the ISM index of activity in services in May.

The consensus forecast is for the indicator to rise to around 51, above the 50-point mark indicating expansion in the sector, after its bout of weakness to 49.4 in April.

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