Stock futures trade higher adding to recent gains
Nasdaq CEO: Biotechs, tech companies will carry US through pandemic
Nasdaq CEO Adena Friedman says after the coronavirus outbreak, we’ll have a more remote and flexible economy and the companies that lean into that will win.
U.S. equity futures are pointing to further gains when the Thursday Wall Street session begins.
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The major futures indexes are suggesting a rise of 0.4 percent.
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There are several issues that can influence how the trading session will go. There are the increasing tensions between the U.S. and China, rising coronavirus cases and corporate earnings.
The U.S. has ordered China to close its consulate in Houston, saying it was necessary to protect American intellectual property. China said it would retaliate.
The Labor Department is expected to say the number of claims for unemployment benefits held steady at 1.3 million last week, ending a 15-week stretch of declines from a peak of 6.9 million at the end of March. Since the coronavirus lockdowns began back in mid-March some 51.28 million people have filed jobless claims. An additional 1.3 million would bring that total to 52.58 million.
A trio of Dow members report their quarterly results on Thursday: insurer Travelers and chemical maker Dow ahead of the opening bell, and chip maker Intel after the closing bell.
On Wednesday, Microsoft shares fell in extended trading after the company's cloud computing operation saw sales growth under 50 percent for the first time.
TESLA'S ELON MUSK SEALS PROFITABILITY TRACK RECORD
Tesla also reported its fourth straight quarter of profitability, boosting shares.
In Europe, London's FTSE is adding 0.4 percent, Germany's DAX added 0.5 percent and France's CAC rose 0.3 percent.
In Asia, Hong Kong's Hang Seng gained 0.5 percent, while China's Shanghai Composite fell 0.2 percent. Markets in Japan were closed for a holiday.
|I:DJI||DOW JONES AVERAGES||27005.84||+165.44||+0.62%|
|I:COMP||NASDAQ COMPOSITE INDEX||10706.127425||+25.76||+0.24%|
In the Wednesday session, the S&P 500 picked up 0.6 percent, its fourth session of advances, wavering between gains and losses as investors sized up a mix of company earnings reports. The Dow Jones Industrial Average also gained 0.6 percent. The Nasdaq recovered from an early dip to add 0.2 percent.
Homebuilders marched broadly higher after the National Association of Realtors said sales of previously occupied U.S. homes climbed last month by a robust 20.7 percent.
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The price of benchmark U.S oil for September delivery rose 21 cents to $42.13 per barrel in electronic trading on the New York Mercantile Exchange. It fell 6 cents to settle at $41.90 a barrel Wednesday.Brent crude oil for September delivery picked up 26 cents to $44.55 per ounce.
The Associated Press contributed to this article.
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