After recovering from an initial pullback to end the previous session mostly higher, stocks may see further upside in early trading on Thursday. The major index futures are currently pointing to a modestly higher open for the markets, with the S&P 500 futures up by 0.2 percent.
Stocks may benefit from recent upward momentum, which has seen the markets close higher for two straight days despite concerns about tariffs and some disappointing earnings news.
Overall trading activity may be somewhat subdued, however, as traders look ahead to the release of the Labor Department’s closely watched monthly jobs report on Friday.
The report, which is expected to show employment climbed by 170,000 jobs in January after jumping by 256,000 jobs in December, could impact the outlook for interest rates.
A day ahead of the release of the more closely watched monthly jobs report, the Labor Department released a report this morning showing first-time claims for U.S. unemployment benefits rose by more than expected in the week ended February 1st.
The report said initial jobless claims climbed to 219,000, an increase of 11,000 from the previous week’s revised level of 208,000.
Economists had expected initial jobless claims to rise to 213,000 from the 207,000 originally reported for the previous week.
A separate report released by the Labor Department showed U.S. labor productivity and unit labor costs both increased by less than expected in the fourth quarter of 2024.
Stocks came under pressure early in the session on Wednesday but showed a significant rebound over the course of the trading day. The major averages climbed well off their worst levels of the day and into positive territory.
The major averages reached new highs for the session going into the close of trading. The Dow advanced 317.24 points or 0.7 percent to 44,873.28, the S&P 500 climbed 23.60 points or 0.4 percent to 6,061.48 and the Nasdaq rose 38.31 points or 0.2 percent to 19,692.33.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Thursday. Japan’s Nikkei 225 Index climbed by 0.6 percent, while China’s Shanghai Composite Index jumped by 1.3 percent.
The major European markets have also moved to the upside on the day. While the U.K.’s FTSE 100 Index is up by 1.6 percent, the French CAC 40 Index is up by 1.0 percent and the German DAX Index is up by 0.8 percent.
In commodities trading, crude oil futures are rising $0.39 to $71.42 a barrel after tumbling $1.67 to $71.03 a barrel on Wednesday. Meanwhile, after climbing $17.20 to $2,893 an ounce in the previous session, gold futures are slipping $9.40 to $2,883.60 an ounce.
On the currency front, the U.S. dollar is trading at 152.25 yen versus the 152.61 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0361 compared to yesterday’s $1.0403.
Business News
Futures Pointing To Modestly Higher Open On Wall Street
2025-02-06 13:50:00
