Following the mixed performance seen in the previous session, stocks are likely to move mostly higher in morning trading on Thursday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.8 percent.
Airline stocks may help to lead an early advance on Wall Street, as traders react positively to earnings news from American Airlines (AAL) and United Airlines (UAL).
American and United are both moving sharply higher in pre-market trading after reporting first quarter losses but forecasting a return to profitability in the current quarter.
Shares of Tesla (TSLA) are also seeing significant pre-market strength after the electric car maker reported first quarter results that beat analyst estimates on both the top and bottom lines.
Later in the day, trading may be impacted by reaction to remarks by Federal Reserve Chair Jerome Powell, who is scheduled to speak on the global economy before a virtual International Monetary Fund Debate on the Global Economy.
On the U.S. economic front, the Labor Department released a report showing a slight decrease in first-time claims for U.S. unemployment benefits in the week ended April 16th.
The report showed initial jobless claims edged down to 184,000, a decrease of 2,000 from the previous week’s revised level of 186,000.
Economists had expected jobless claims to dip to 180,000 from the 185,000 originally reported for the previous week.
Meanwhile, a separate from the Federal Reserve Bank of Philadelphia showed growth in Philadelphia-area manufacturing activity slowed more than expected in the month of April.
The Philly Fed said its diffusion index for current activity slumped to 17.6 in April from 27.4 in March. While a positive reading still indicates growth, economists had expected the index to show a more modest drop to 21.0.
Shortly after the start of trading, the Conference Board is scheduled to release its report on leading economic indicators in the month of March. The leading economic index is expected to rise by 0.3 percent.
After moving sharply higher over the course of Tuesday’s session, the major U.S. stock indexes turned in a starkly mixed performance during trading on Wednesday.
While the Dow added to the strong gain posted on Tuesday, the tech-heavy Nasdaq pulled back sharply. The S&P 500 spent the day bouncing back and forth across the unchanged line.
The major averages finished the day on opposite sides of the unchanged line. The Dow climbed 249.59 points or 0.7 percent to 35,160.79, while the Nasdaq tumbled 166.59 points or 1.2 percent to 13,453.07 and the S&P 500 edged down 2.76 points or 0.1 percent to 4,459.45.
In overseas trading, stock markets across the Asia-Pacific region turned in yet another mixed performance on Thursday. Japan’s Nikkei 225 Index jumped by 1.2 percent, while China’s Shanghai Composite Index plunged by 2.3 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the U.K.’s FTSE 100 Index has risen by 0.3 percent, the German DAX Index is up by 1.4 percent and the French CAC 40 Index is up by 1.9 percent.
In commodities trading, crude oil futures are climbing $0.92 to $103.11 a barrel after inching up $0.14 to $102.19 a barrel on Wednesday. Meanwhile, after slipping $3.40 to $1,955.60 an ounce in the previous session, gold futures are falling $7.20 to $1,948.40 an ounce.
On the currency front, the U.S. dollar is trading at 128.06 yen versus the 127.86 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0888 compared to yesterday’s $1.0853.
Business News
Futures Pointing To Initial Strength On Wall Street
2022-04-21 12:53:41
