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.

TickerSecurityLastChangeChange %
TSLATESLA INC.977.20-50.95-4.96%

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.

Traders work on the floor of the New York Stock Exchange (REUTERS/Brendan McDermid  / Reuters Photos)

At the same time, the Philadelphia Federal Reserve will release its index of manufacturing activity for eastern Pennsylvania, southern New Jersey, and Delaware. It’s expected to slip more than 6 points to a reading of 21.0 this month. Any reading above zero means that business conditions are improving.

Bitcoin traded around $41,000.

Asian shares were mixed in choppy trading Thursday, as inflation worries and the war in Ukraine had investors partly optimistic while staying cautious.

Japan's benchmark Nikkei 225 closed up 1.2%, Hong Kong's Hang Seng fell 1.5% and China's Shanghai Composite fell 2.3%.

The yield on the 10-year Treasury note eased to 2.85%.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES35160.79+249.59+0.71%
SP500S&P 5004459.45-2.76-0.06%
I:COMPNASDAQ COMPOSITE INDEX13453.065369-166.59-1.22%

Wall Street's major stock indexes ended mixed on Wednesday, dominated by a drop in Netflix shares, which lost more than a third of their value after reporting the company's first subscriber loss in more than a decade and predicting more grim times ahead.

The S&P 500 slipped 0.1% after a late-afternoon fade, while the Nasdaq fell 1.2%. The Dow Jones Industrial Average rose 0.7%.

Technology stocks, retailers and other companies that rely on consumer spending also weighed on the market. Chipmaker Nvidia fell 3.2% and Amazon dropped 2.6%.

Procter & Gamble rose 2.7% after beating analysts’ quarterly earnings forecasts.

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The National Association of Realtors reported Wednesday that sales of previously owned homes fell in March to the slowest pace in nearly two years as higher mortgage rates and already record-high prices discouraged would-be homebuyers.

The Associated Press contributed to this report.

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