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U.S. Futures Edge Higher; Weekly Jobless Claims in Focus

Stock MarketsMar 25, 2021 07:10AM ET
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© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen opening marginally higher Thursday, helped by positive comments from Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen ahead of key unemployment numbers.

At 7:10 AM ET (1110 GMT), the Dow Futures contract was up 50 points, or 0.2%, S&P 500 Futures traded 6 points, or 0.2%, higher, and Nasdaq 100 Futures climbed 33 points, or 0.3%.

Yellen and Powell both reiterated their belief on Wednesday that the U.S. economy will see strong growth in 2021, thanks in large part to heavy doses of fiscal and monetary stimuli.

This is before the U.S. government’s plan to upgrade the nation's infrastructure, which could result in further investment of approaching $4 trillion, is agreed upon by lawmakers.

UBS Global Wealth Management sees 5% to 10% upside for global stock markets, based on expectations that the economic recovery will broaden out and accelerate over the course of the year.

Stocks are expected to rise even as bond yields edged higher. The benchmark 10-year Treasury yield edged up to 1.61% Thursday, still significantly below the 14-month high of 1.75% seen last week.

With the focus on the strength of the economic recovery, the weekly jobless claims data, due at 8:30 AM ET (1230 GMT), will be studied carefully for signs that the employment market is improving along with vaccinations and the easing of business restrictions. They are expected to have fallen to 730,000 from 770,000 the previous week. The final reading of fourth-quarter GDP is also due at the same time.

In the corporate sector, AstraZeneca (NASDAQ:AZN) will be in focus after the U.K.-Swedish drugmaker updated its U.S. trial results to show a slightly lower efficacy rate for its Covid-19 vaccine. 

Nike (NYSE:NKE) stock fell over 4% premarket, with the sportswear retailer among a number of Western companies facing a backlash in China after cutting ties with cotton suppliers in the province of Xinjiang.

Oil prices fell Thursday, reversing Wednesday’s gains on the Suez Canal blockage. This passage remains plugged, but demand concerns have returned to the fore. While the focus has been on lockdowns in Europe, crucial developing economies like India and Brazil have also seen rising numbers of Covid-19 cases. 

Additionally, U.S. crude stocks jumped by 1.9 million barrels last week, according to official data from the Energy Information Administration.

U.S. crude futures traded 1.6% lower at $60.18 a barrel, while the Brent contract fell 1.4% to $63.53. 

Elsewhere, gold futures fell 0.1% to $1,731.75/oz, while EUR/USD traded 0.1% higher at 1.1814.

 

U.S. Futures Edge Higher; Weekly Jobless Claims in Focus
 

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Comments (6)
Dr Gogu
Dr Gogu Mar 25, 2021 10:58AM ET
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End of quarter rebalancing causing some woes, but in April expect resumption of the bull market.
Josh Davis
Josh Davis Mar 25, 2021 8:45AM ET
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Funny they constantly put in futures numbers just to be in there when they are down over 100 points now. Lol. Puts about to print but we are on our way to recovery!!! Lol yea right
Matt Kay
Matt Kay Mar 25, 2021 8:31AM ET
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Lets goooo. Crash on 29th Whooo! Down 40%
Michael Crowley
Michael Crowley Mar 25, 2021 8:27AM ET
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When or more importantly How, does all this stimulus get paid for?
Daniel Lu
Daniel Lu Mar 25, 2021 8:07AM ET
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Buy America , said the short sellers, lol
nn st
nn st Mar 25, 2021 7:25AM ET
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dont trust with this news keep buying stock
Ronald Warren
Ronald Warren Mar 25, 2021 7:25AM ET
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You need to analyze what's happening and be careful. They keep trying to pump the price of oil, but at the end of the day, the demand just isn't there. This is a taste of reality! Fairly soon, this ridiculously priced market is going to correct.
Matt Roach
Matt Roach Mar 25, 2021 7:25AM ET
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We invest for retirement right? No big deal what happens right now. If it corrects, then great, we get a discount. I've got another 25 years so I'll take as many corrections and crashes as I can get.
Rick Williams
Rick Williams Mar 25, 2021 7:25AM ET
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yep, the minute you try and time the market you're screwed. High yield dividend stocks are the best as even in turbulent markets your shares grow and when they come back you cleanup.
 
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