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Stock futures gain on earnings optimism, jobless claims on tap
Recession near-term risks are ‘low’: Expert
UBS GWM Head of Americas Equities David Lefkowitz discusses the possibility of a recession.
U.S. equity futures traded higher Thursday morning after a day that saw the Dow gain 250 points, helped by results from IBM.
The major futures indexes suggest gain of 0.4% when the opening bell rings on Wall Street.
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One stock that will be on the move is Tesla after reporting first-quarter net earnings that were over seven times greater than a year earlier. Shares rose more than 4% in after-hours trading.
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The electric vehicle company benefited from strong sales despite global supply chain kinks and pandemic-related production cuts in China.
Thursday's earnings docket includes AT&T, Dow Inc. and financial names BlackRock and Blackstone, along with regional bank Key Corp.
Oil prices added to gains on Thursday over concerns about supply due to a possible European Union ban on Russian oil.
U.S. benchmark crude added $1.22 to $103.35 a barrel. It rose 0.2% Wednesday, now up nearly 40% for the year and pushing gasoline prices higher. Brent crude, the international standard, jumped $1.32 to $108.12 a barrel.
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Traders will also focus on key economic reports.
The Labor Department will release its count of new claims for unemployment benefits for last week. Expectations are for 180,000, down from 185,000 the previous week. Continuing claims, which track the total number of unemployed workers collecting benefits, are anticipated to decline to 1.455 million, the lowest in 52 years.