Stock futures trade higher ahead of jobless claims
Traders will keep an eye on the latest jobless claims report as well as interest rate news from the European Central Bank
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U.S. equity futures traded higher Thursday morning, following a day that saw stocks snap a two-day winning streak.
The major futures indexes suggest a gain of 0.3% when trading begins on Wall Street.
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Oil prices pared recent gains with U.S. West Texas Intermediate crude trading around $120 a barrel.
The yield on the 10-year Treasury rose was at 3.02% on Thursday..
Specialists work on the floor of the New York Stock Exchange. ( (AP Photo/Richard Drew))
On the economic agenda, the Labor Department is out with its count of new claims for unemployment benefits for last week. Expectations are for 210,000, up 10,000 from the previous week. Continuing claims, which track the total number of workers collecting unemployment benefits, are anticipated to edge down to 1.305 million.
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In Asia, Japan's benchmark Nikkei 225 was little changed, Hong Kong's Hang Seng shed 0.8% and China's Shanghai Composite lost 0.8%.
Bitcoin traded around $30,000.
The Governing Council of the European Central Bank is holding a monetary policy meeting later in the day. Comments from Christine Lagarde, head of the European Central Bank, have markets anticipating an interest rate hike in July, with possibly more to follow.
Stocks fell broadly on Wall Street, erasing most of their gains for the week, as investors were discouraged to see more evidence of inflation’s impact on businesses and another gloomy outlook on the global economy.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
The S&P 500 index fell 1.1% to 4,115.77. The Dow Jones Industrial Average shed 0.8% to 32,910.90 and the Nasdaq slipped 0.7% to 12,086.27.
Watch shares of Intel after the chipmaker said it was freezing hiring in the unit responsible for PC desktop and laptop chips, as part of a series of cost-cutting measures. A company memo seen by Reuters said that some hiring could resume in as little as two weeks.
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Meta Platforms, formerly Facebook, will begin trading under a new ticker symbol, ‘M-E-T-A’, before the market open.
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The next big update on inflation arrives Friday, when the U.S. government releases its latest reading on the consumer price index.
The Associated Press contributed to this report.