Futures Suggests Wall Street To Open On Positive Note

Early signs from the U.S. Futures Index suggest that Wall Street might open higher on Thursday. A report on weekly jobless claims might be the main focus on the day. Trading activity is expected to be subdued ahead of the release of the monthly jobs report on Friday.

Asian shares finished positive, while European shares are trading up.

As of 7.30 am ET, the Dow futures were progressing 287.00 points, the S&P 500 futures were adding 40.75 points and the Nasdaq 100 futures were gaining 176.25 points.

The U.S. major averages finished broadly higher on Wednesday. The Dow plunged by more than 450 points in early trading but ended the day up 102.32 points or 0.3 percent at 34,416.99. The Nasdaq also climbed 68.08 points or 0.5 percent to 14,501.91, while the S&P 500 rose 17.83 points or 0.4 percent to 4,363.55.

On the economic front, the Labor Department’s Jobless Claims for the week will be issued at 8.30 am ET. The consensus is for an increase of 348K, while it was up 362K in the prior week. Initial claims change in the prior week was 11K.

The Energy Information Administration or EIA’s Natural Gas Report for the week will be released at 10.30 am ET. In the prior week, the gas stock was up 88 bcf.

The three-year, ten-year, 30-year Treasury Note auction will be held at 11.00 am ET.
The Fed Consumer Credit for August will be revealed at 3.00 pm ET. The consensus is for $18.1 billion, while it was up $17.00 billion in the previous month.

The Fed Balance Sheet for the week is scheduled at 4.30 am ET. In the prior week the level was up $8.448 trillion.

Cleveland Federal Reserve Bank President Loretta Mester to participate in policy panel before the “Inflation: Drivers and Dynamics Conference 2021” hosted by the European Central Bank and the Federal Reserve Bank of Cleveland Center for Inflation Research at 11.45 am ET.

Asian stocks rallied on Thursday. Chinese markets were closed for Golden Week holidays. Hong Kong’s Hang Seng index jumped as much as 3.07 percent to 24,701.73.
Japanese shares rose. The Nikkei average ended up 149.34 points, or 0.54 percent, at 27,678.21 after eight consecutive sessions of losses.

The broader Topix index ended 0.12 percent lower at 1,939.62.

Australian markets rose notably. The benchmark S&P/ASX 200 index rose 50.20 points, or 0.70 percent, to 7,256.70 while the broader All Ordinaries index ended up 55 points, or 0.73 percent, at 7,551.20.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is adding 104.08 points or 1.62 percent. The German DAX is progressing 210.81 points or .1.40 percent, the U.K. FTSE 100 Index is up 156.19 points or 1.35 percent.

The Swiss Market Index is gaining 155.24 points or 1.34 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.74 percent.

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