Stock futures rise adding to recent rally
Traders will be digesting the latest jobless claims figures along with earnings reports from AT&T, Intel and Twitter
Louis Navellier, the founder and CEO of Navellier & Associates, weighs in on the market rebound, arguing that Monday's correction was 'all value.'
U.S. equity futures are indicating a higher open when the Thursday trading session begins.
The major futures indexes suggest a gain of 0.2% as this week's rebound in equities may continue.
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On the economic calendar, traders will examine the latest jobless claims figures. The estimate is for 350,000, which would be less than the prior week's 360,000.
Existing home sales figures for June will be released. The estimate is for 5.9 million, which would be an increase of the prior month.
Before the bell earnings will include American Airlines and Southwest Airlines as well as AT&T.
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In the afternoon, results are due from Intel and Twitter.
In Europe, London's FTSE added 0.3%, Germany's DAX was up 0.8% and France's CAC rose 0.8%.
The European Central Bank will conclude its meeting and is all but certain to promise an even longer period of stimulus to make good on its commitment to boost inflation, according to Reuters.
Asian stock markets followed Wall Street higher Thursday for a second day as optimism about an economic recovery appeared to outweigh concern over rising coronavirus cases and inflation.
In Asia, the Hang Seng in Hong Kong surged 1.8% and China's Shanghai Composite Index rose 0.3%. Japanese markets were closed for a holiday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43444.99 | -305.87 | -0.70% |
| SP500 | S&P 500 | 5870.62 | -78.55 | -1.32% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18680.120875 | -427.53 | -2.24% |
On Wednesday on Wall Street, the S&P 500 index rose 0.8%, putting it on pace for a weekly gain after rebounding from Monday's 1.6% loss.
Technology stocks, banks and companies that rely on consumer spending helped drive the benchmark index’s advance. Energy stocks also rose as the price of U.S. crude oil marched 4.3% higher. Utilities and real estate stocks were among the decliners.
The Dow Jones Industrial Average gained 0.8% to 34,798 and the Nasdaq composite added 0.9% to 14,631.95.
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U.S. stocks, boosted by unexpectedly strong corporate profit reports, have gained in choppy trading despite coronavirus uncertainties.
Coca-Cola Co. and fast food chain Chipotle Mexican Grill rose after reporting better quarterly results than expected. Netflix fell 3.3% after reporting its worst slowdown in subscriber growth in eight years.
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In energy markets, benchmark U.S. crude gained 62 cents to $70.93 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.88 on Wednesday to $70.30. Brent crude, used to price international oils, added 52 cents to $72.84 per barrel in London. It advanced $2.88 the previous session to $72.23.
The Associated Press contributed to this report.