U.S. stock futures edged higher Thursday ahead of fresh data on the labor market and the trade balance that could provide insights into the pace of the economic recovery.

Futures tied to the S&P 500 ticked up 0.2%, pointing to muted gains for the broad market index as it hovers close to its all-time high. Nasdaq-100 futures also rose 0.2%, suggesting that large technology stocks would extend gains.

Stocks have ground higher this week as investors weighed strong corporate earnings and low interest rates against indicators that growth may be slowing in some parts of the world. Money managers say they are awaiting the jobs report for August, due Friday, for more cues on when and how the Federal Reserve may taper its bond purchases.

“The confluence of a strong recovery at the same time as very low interest rates and maybe the peak of policy accommodation: if you put those all together, it is a very powerful mix for risky assets,” said Bill Papadakis, macro economist at Lombard Odier. “If you consider the alternatives in which investors could put their money today—with interest rates where they are—equities are often the one option for somewhat better returns.”

The latest data on jobless claims, a proxy for layoffs, is due at 8:30 a.m. ET. Economists estimated first-time filings for unemployment insurance held near pandemic lows in late August. The Fed has signaled that the labor market’s recovery is a factor in its monetary policy decisions.

“We’re in an environment where bad news is sort of good news,” said Olivier Marciot, investment manager at Unigestion. “Every time the situation deteriorates on the macro front, it is making investors hopeful that central bank accommodation will be here for longer.”

Data on the U.S. trade balance for July, also due at 8:30 a.m., is likely to show that the deficit narrowed as American consumers shifted spending toward in-person services and away from goods.

The yield on the benchmark 10-year Treasury note ticked down to 1.287% from 1.301% on Wednesday.

Oil prices ticked up a day after the Organization for Petroleum Exporting Countries and its Russia-led allies agreed to continue increasing oil production. Brent crude, the international benchmark in energy markets, gained 0.4% to $71.86 a barrel, lifted by lower-than-expected U.S. crude inventory, according to analysts.

The price of bitcoin briefly rose above $50,000 before easing back to around $49,800. It is up over 3% from its level at 5 p.m. ET Wednesday. Shares in cryptocurrency exchange Coinbase rose more than 2% in premarket trading.

Semiconductor and software developer Broadcom and information technology company Hewlett Packard Enterprise are scheduled to post earnings Thursday after markets close.

Overseas, the pan-continental Stoxx Europe 600 advanced 0.2%.

Traders worked on the floor of the New York Stock Exchange, July 19, 2021. The Nasdaq Composite reached a record close on Wednesday.

Photo: Richard Drew/Associated Press

Among European equities, Swedish Orphan Biovitrum surged 25% after private-equity firm Advent International and an affiliate of Singapore’s sovereign-wealth fund bid to buy the pharmaceutical company for around $8 billion.

In Asia, most major benchmarks rose by the close of trading. The Shanghai Composite Index climbed 0.8% while Hong Kong’s Hang Seng Index added 0.2%.

South Korea’s Kospi Index declined 1%. Stronger-than-expected inflation data may prompt an interest-rate increase in the coming months, according to analysts at Barclays.

Write to Anna Hirtenstein at anna.hirtenstein@wsj.com