Stock futures rebound ahead of labor reports
Traders will study two reports on private-sector hiring for May and weekly jobless claims
Market strategist on inflation impact: All coming to fruition
Slatestone Wealth chief market strategist Kenny Polcari on whether tech firms laying off employees is a precursor to what's to come amid inflation, the Federal Reserve's handling of the economy and stagflation.
U.S. equity futures traded higher Thursday morning as equities rebound from Wednesday's losses.
The major futures indexes suggest a gain of 0.3% when the Wall Street session begins.
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Oil prices fell by more than $2 a barrel ahead of a meeting of OPEC+ set for later in the day. Saudi Arabia is reportedly prepared to increase oil production if Russia's output falls substantially under the new sanctions imposed by the European Union, according to the Financial Times.
U.S. West Texas Intermediate (WTI) crude dropped to around $112 a barrel. Brent crude was down to $114 a barrel.
OIL FALLS AS SAUDI ARABIA READY TO PUMP MORE IF RUSSIAN OUTPUT SINKS: REPORT
The countdown to Friday's release of the monthly jobs report is underway with two labor-related reports on the docket. The payroll processing company ADP will report on private-sector hiring for May. That report was pushed back a day by the Memorial Day holiday. Traders will also get the latest jobless claims as well as productivity.
A pair of traders work on the floor of the NYSE. (Courtney Crow/New York Stock Exchange via AP)
GameStop shares rose 3% in after-hours trading as sales rose, but its quarterly loss widened. The video game retailer posted on $1.38 billion in net sales, up from $1.28 billion a year earlier. On an adjusted basis, the retailer reported a loss of $2.08 a share, compared with a loss of 45 cents a share over the same period a year ago.
GAMESTOP SALES CLIMB ALONG WITH SHARES EVEN AS LOSS WIDENS
Other earnings reports are due from Designer Brands, Hormel Foods and Lands’ End before the market open and Broadcom and Lululemon Athletica after the bell.
Bitcoin traded around $30,000 after falling 6% on Wednesday.
In Asia, Japan's benchmark Nikkei 225 lost 0.2%, Hong Kong's Hang Seng dipped 1.2% and China's Shanghai Composite gained 0.3%.
In Europe, markets in the UK are closed for the Queen's Platinum Jubilee celebration.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44736.57 | +440.06 | +0.99% |
| SP500 | S&P 500 | 5987.37 | +18.03 | +0.30% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19054.835014 | +51.18 | +0.27% |
On Wednesday, stocks in the U.S. began their slide immediately after the release of several reports on the economy, including one showing manufacturing growth was stronger last month than expected. That bolstered investors' expectations for the Federal Reserve to continue raising interest rates aggressively to slow the economy in hopes of reining in inflation.
The S&P 500 fell 0.7% to 4,101.23. The Dow Jones Industrial Average gave up 0.5% to 32,813.23. The Nasdaq composite slid 0.7% to 11,994.46.
Wednesday marked the start of the Fed’s program to pare back some of the trillions of dollars of Treasurys and other bonds that it amassed through the pandemic. Such a move should put upward pressure on longer-term rates.
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The 10-year Treasury yield was at 2.91% on Thursday morning.
The Associated Press contributed to this report.