U.S. stock futures edged higher ahead of earnings from major tech companies and economic data including jobless cases and first-quarter gross domestic product updates.
Futures contracts tied to the S&P 500 rose 0.2%, signaling that the broad market index could keep its momentum up after closing 1% higher on Wednesday. Nasdaq-100 futures were unchanged, showing similar moves for technology stocks following the previous day’s rally. Dow Jones Industrial Average futures rose 0.3%.
Stocks have fluctuated this week, swinging between gains and losses on a daily basis as investors consider the Federal Reserve’s next monetary tightening moves to combat inflation and how they could affect them. affect growth and markets. Minutes released on Wednesday by the Fed showed that policymakers agreed with half a percent increase in June and July, consistent with previous communications.
“To some extent, markets have been reassured that the Fed will not tighten more sharply than expected. But sentiment in the market is still quite tense,” said Luc Filip, head of investment at SYZ Private Banking. “There is still a lot of uncertainty about what will happen if inflation remains high.”
Yields on the benchmark 10-year Treasury note fell to 2.738% from 2.746% on Wednesday, falling for the third consecutive day. Output decreases as price increases.
Investors are awaiting a second reading of first-quarter U.S. gross domestic product and weekly jobless claims, both of which are due out at 8:30 a.m. ET. First GDP release shows 1.4% shrinkshrinking for the first time since the beginning of the pandemic.
“Recent economic data has been weaker than expected, we see this tightening in the economy. Shaniel Ramjee, a multi-level fund manager at Pictet Asset Management.
Companies scheduled to announce earnings Thursday morning include Chinese tech giants
TORTOISE -0.19%
and
Retailers
and
and medical device manufacturers
VMW 3.97%
Dell Technologies and Gap are expected to report after the market close.
“We are focusing on earnings and profits. Many stable companies are reporting lower guidance,” said Mr Ramjee. “Even the tech sector is not immune to margin pressure, especially from input costs like wages.”
In pre-market trading,
5% off despite posting record sales like sales prospect for the current quarter is below Wall Street estimates. Retailer Williams-Sonoma jumped 10% after posting profit that beat analysts’ expectations.
Traders worked on the floor of the New York Stock Exchange on Tuesday.
Photo:
justin lane / Shutterstock
Overseas, the continent-wide Stoxx Europe 600 rose 0.3%. Shares of British telecommunications company
fell 4% after the British government said it would explore increasing the stake of Dutch-based rival Altice in the company.
In Asia, the key benchmarks differ. The Shanghai Composite Index added 0.5% while Hong Kong’s Hang Seng fell 0.3%. Japan’s Nikkei 225 also fell 0.3%.
Central Bank of Korea increase a key policy rate to 1.75% on Thursday and signaled it would tighten policy further to continue to combat high inflation.
In commodities, global benchmark Brent crude rose 0.6% to $111.84 a barrel.
Write to Anna Hirtenstein at [email protected]
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