US stock futures slipped as Wall Street's recent optimism about the economy's ability to weather President Trump's tariffs began to wear thin.

U.S. stocks drifted lower as financial markets locked in their final moves before a highly anticipated update coming Friday about the U.S. job market.

That jump amounted to a 175% increase, though by mid-day Circle was trading around $89 a share—which values the company close to $23 billion. Circle is a leading U.S. crypto firm that issues the stablecoin USDC.

Stablecoin issuer Circle Internet's shares more than tripled in their debut on the New York Stock Exchange on Thursday, firing up the IPO market that has struggled to regain momentum.

Circle started its first trading day with a price of $69, surpassing previous predictions of price discovery. The company held its IPO at $31, expecting to open at $44 for a much smaller premium. Circle’s stocks rallied during their debut on the NYSE,

President Donald Trump said Thursday that he and Chinese President Xi Jinping spoke on the phone that morning about the trade deal currently in place between the United States and China.

Follow all the latest U.S. market action for Thursday here as the S&P 500 struggled to keep its latest three-day winning streak alive.