Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dow Futures Rise 50 Pts; Weekly Initial Jobless Claims Data Due

Stock Markets Aug 04, 2022 06:50AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Peter Nurse    

Investing.com -- U.S. stocks are seen opening slightly higher Thursday, continuing the previous session’s positive tone ahead of the release of key weekly unemployment data.

At 7 AM ET (1100 GMT), the Dow Futures contract was up 50 points or 0.2%, S&P 500 Futures traded 11 points or 0.3% higher, and Nasdaq 100 Futures climbed 65 points or 0.5%.

The main Wall Street indices closed sharply higher Wednesday, with the blue-chip Dow Jones Industrial Average gaining over 400 points or 1.3%, boosted by ISM data which showed services activity was stronger than expected in July.

That release suggested that the services sector, which makes up the bulk of economic activity in the U.S., was holding up reasonably well to the aggressive monetary tightening, and poured cold water over the theory that the U.S. economy was already in recession.

The weekly initial jobless claims data are due at 8:30 AM ET (1230 GMT) and are expected to show a slight uptick from the previous week’s 256,000 claims, potentially to the biggest number since mid-January. 

This will be studied carefully after job openings data earlier this week showed a slight cooling in the labor market, and ahead of Friday’s widely watched official jobs report.

Additionally, Federal Reserve Bank of Cleveland President Loretta Mester is due to speak later Thursday, and investors will be looking to see whether she continues this week’s seemingly coordinated Fedspeak pointing to further hefty interest rate hikes ahead. 

The Bank of England continued the theme, lifting its benchmark interest rates by 50 basis points to 1.75%, its sixth consecutive hike, as it battles inflation running at a four-decade high.

Turning to the corporate sector, Alibaba (NYSE:BABA) is likely to be in the spotlight Thursday after the Financial Times reported that the Japanese venture capital company SoftBank (OTC:SFTBY) has agreements in place to sell over half of its remaining stake in the Chinese e-commerce giant.

It also beat market expectations for revenue in the quarter ending in late June, even though revenue growth was flat for the first time due to the impact of the Shanghai lockdown.

There are more earnings to digest, with Eli Lilly (NYSE:LLY) reporting a 31% fall in quarterly profit on Thursday, hurt by lower prices of diabetes drug Humalog and Insulin Lispro injection.

The likes of Kellogg (NYSE:K) and ConocoPhillips (NYSE:COP) are also among those scheduled to report quarterly numbers.

Oil prices edged higher Thursday, rebounding after the previous session’s sharp losses on the back of data suggesting weakening U.S. demand as well as a small output increase by OPEC+ producers.

Both benchmarks fell by around 4%, to their weakest levels since February, on Wednesday after data from the Energy Information Administration showed crude inventories rose 4.5 million barrels last week and gasoline stockpiles gained 200,000 barrels.

Additionally, the Organization of Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed to increase production by 100,000 barrels per day in September.

By 7 AM ET, U.S. crude futures traded 0.8% higher at $91.36 a barrel, while the Brent contract rose 0.3% to $97.08.

Additionally, gold futures rose 1.2% to $1,798.40/oz, while EUR/USD rose 0.3% to 1.0194.

Dow Futures Rise 50 Pts; Weekly Initial Jobless Claims Data Due
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email