Stock futures are slightly higher Thursday as the market looks to rebound from a couple of lackluster days, with investors awaiting important economic data releases and a speech by Federal Reserve Chair Jerome Powell.
Futures tied to the Dow Jones Industrial Average and S&P 500 were up 0.2% and 0.1%, respectively, while those linked to the Nasdaq were up fractionally. The indexes were little changed on Wednesday following a down day the previous session that put an end to the weeklong rally that followed Donald Trump’s decisive victory in the presidential election.
Investors will be keeping close tabs on wholesale inflation and jobless claims data that are scheduled for release this morning. The big event of the day will be Powell’s appearance at an event this afternoon in Dallas. Market participants are seeking confirmation that the economy remains on sound footing and that the Fed will continue cutting interest rates.
Among stocks on the move in premarket trading Thursday, Disney (DIS) was up 9% after the entertainment giant reported better-than-expected quarterly results this morning. Shares of Cisco Systems (CSCO) were down 1% after the network equipment provider late yesterday released a strong earnings report but issued guidance that may have disappointed investors.
Shares of Shares of Super Micro Computer (SMCI) were down 12% this morning, after sliding yesterday following news that the beleaguered IT infrastructure company would delay its quarterly results, adding to concerns that the stock would be delisted from the Nasdaq.
Mega-cap technology stocks were mixed before the bell. Nvidia (NVDA), Alphabet (GOOGL), Amazon (AMZN) and Meta Platforms (META) were gaining ground, while Tesla (TSLA), Apple (AAPL) and Microsoft (MSFT) fell slightly.
Bitcoin was trading at around $91,200, after hitting a record high above $93,000 on Wednesday. The cryptocurrency has gained more than 30% since the election amid hopes that a supportive White House and Congress will implement policies that benefit the asset class.
Gold futures were down 1% at around $2,560 an ounce. The precious metal, which hit a record high of $2,800 early last week, has lost ground since the election as the U.S. dollar has strengthened.
The yield on 10-year Treasurys, which is sensitive to expectations around where interest rates are headed, was little changed this morning at 4.45%. The yield has been rising in recent weeks as investors have recalibrated their thinking on how aggressive the Fed will be in its moves to cut interest rates in the months ahead.