Stock-index futures rise ahead of jobless claims

Stock index futures edged higher on Thursday as investors awaited a closer look at the US labor market and another update on activity in the surging housing market. .

Corporate earnings also continue to rise, while the European Central Bank will issue an updated policy statement.

What are the primary indexes doing?
  • Futures on the Dow Jones Industrial Average
    + 0.22%

    rose 83 points, or 0.2%, to 34,772.

  • S&P 500 futures
    + 0.18%

    up 8 points, or 0.2%, to 4,358.50.

  • Nasdaq-100 Futures
    + 0.13%

    rose 15.50 points, or 0.1%, at 14,843.25.

On Wednesday, the Dow Jones Industrial Average
+ 0.83%

rose 286.01 points, or 0.8%, to end at 34,798, while the S&P 500
+ 0.82%

up 0.8% and Nasdaq Composite
+ 0.92%

up 0.9%.

What drives the market?

Stocks have recovered from Monday’s sharp sell-off, with all three major indexes positive for the week as investors appear to be worried about the spread of the delta variant of the coronavirus that causes COVID-19 behind them. after them.

“It appears that concerns about the fast-spreading delta variant of the coronavirus continue to ease, perhaps due to the positive earnings results, or because… market participants may already have second thoughts about the level limitations of any potential new measure,” Charalambos Pissouros, head of research at JFD Group, in a note.

With that in mind, Pissouros said he expects a broader path for stocks to continue to be positive, with any decline likely to trigger more buying, “perhaps for fear of missing out.”

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Some analysts are raising the possibility of further weakness in the short term due to weak seasonality factors, lingering valuations, concerns that economic growth is peaking and uncertainty over the spread of the coronavirus. plain variation.

In a chart: Why the S&P 500 may be poised to drop 5% – or even more this summer

Investors are eyeing the European Central Bank meeting, which is not expected to change policy but maintain a dovish stance after they adjusted their inflation target in a strategic review. strategy two weeks ago. The ECB, which previously aimed to keep inflation close to but just below 2%, is now aiming to keep it at 2%.

The ECB will issue a policy statement at 1:45 pm Frankfurt time, or 7:45 am Eastern time, followed by President Christine Lagarde’s press conference at 8:30 am.

Investors will take a look at the job market situation with the release of weekly data on job applications at 8:30 a.m. Economists expect first-time claims to fall to 348,000 for the week ending July 17 from 360,000 the previous week.

Existing home sales for June are also due at 8:30 a.m. and are expected to rise to an annual rate of 5.93 million units from 5.8 million in May. The Economic Indicators Index The June leading edge, announced at 10 a.m., is forecast to fall to 0.9% from 1.3%.

Which companies to focus on? | Stock-index futures rise ahead of jobless claims


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