Early indications from the futures market suggest caution after Wednesday's exhilarating run. Earnings news continues to be positive, reinforcing the strength in corporate profit growth. The rate-cut premise based on which the market has been rallying could be put to the test with a couple of labor market readings due Thursday.

After the Bank of Canada became the first G-7 central bank to cut rates, the first one in about four years, all eyes would be on its counterpart from across the Atlantic. The European Central Bank is widely expected to begin lowering rates despite inflation remaining an...