GDP and other major economic announcements will be the focus on Thursday. Investors are keenly following a slew of federal talks scheduled today. Early signs from the U.S. Futures Index, Wall Street might open higher.
As of 8.10 am ET, the Dow futures were up 156.00 points, the S&P 500 futures were adding 43.25 points and the Nasdaq 100 futures were progressing 285.00 points.
The U.S. major averages finished broadly lower on Wednesday. The Dow ended down 293.47 points or 0.7 percent at 41,914.75. The S&P 500 settled lower by 10.67 points or 0.19 percent at 5,722.26, while the Nasdaq closed up 7.68 points or 0.04 percent at 18,082.21.
In response to Saudi Arabia’s possible decision to pump more oil to regain market share, oil extended overnight slide, falling more than 2 percent, in the Asian trading session.
Asian shares finished positive, while European shares are trading higher.
On the economic front, the Gross Domestic Product or GDP for the Second Quarter will be issued at 8.30 am ET. The consensus is for growth of 3.0 percent, while it was up 3.0 percent in the prior quarter.
The Jobless Claims for the week will be released at 8.30 am ET. The consensus for initial claims is 224.5K, while it was up 219K in the previous month.
Seven-year Treasury Note auction will be held at 1.00 pm ET.
Durable Goods Orders for August will be published at 8.30 am ET. The consensus is for a decline of 2.7 percent, while the prior revised orders were up 9.8 percent.
The Fed Balance Sheet for the week is expected at 4.30 pm ET. In the prior week, the level was at $7.109 trillion.
Fed Chair Jerome Powell will give opening remarks before the 2024 Treasury Market Conference hosted by the Federal Reserve Bank of New York at 9.20 am ET.
Boston Fed President Susan Collins will host virtually a fireside chat with Fed Governor Adriana Kugler on the intersection between bank supervision and financial inclusion at 9.10 am ET.
Fed Governor Michelle Bowman will speak on the economic outlook and monetary policy before the Mid-Sized Bank Coalition of America Board of Directors Workshop at 9.15 am ET.
New York Fed President John Williams will speak before the 2024 Treasury Market Conference hosted by the Federal Reserve Bank of New York at 9.25 am ET.
Fed Governor Lisa Cook will participate in ‘Artificial Intelligence and Workforce Development’ roundtable discussion with Community Stakeholders at 10.30 am ET.
Minneapolis Fed President Neel Kashkari virtually host a fireside chat with Fed Vice Chair for Supervision Michael Barr for the Boston Fed’s Financial Inclusion and Banking Supervision Workshop at 10.30 am ET.
Asian stocks rose sharply on Thursday. China’s Shanghai Composite index jumped 3.61 percent to 3,000.95.
Hong Kong’s tech-heavy Hang Seng index soared 4.16 percent to 19,924.58.
Japanese markets rallied. The Nikkei average climbed 2.79 percent to 38,925.63 while the broader Topix index settled 2.66 percent higher at 2,721.12.
Australian markets posted strong gains. The benchmark S&P/ASX 200 jumped 0.95 percent to 8,203.70 while the broader All Ordinaries index closed up 1.07 percent at 8,462.80.
Business News
Wall Street Aims To Open Positive
2024-09-26 12:33:37
