Investors will be rewarded for staying in the market: Strategist
Money Map Press chief strategist Shah Gilani provides insights into economic and market trends.
U.S. stock futures were pointing to a higher open Thursday as traders looked ahead to two data releases that will provide a glimpse into the health of the labor market.
Dow Jones Industrial Average futures rose 54 points, or 0.15%, while S&P 500 futures and Nasdaq 100 futures advanced 0.11% and 0.21%, respectively.
Weekly jobless claims will be released at 8:30 a.m. ET with analysts expecting first-time filings to slip to a pandemic-era low of 345,000. The report will set the stage for Friday’s nonfarm payroll report, which is expected to show the addition of 720,000 jobs in August, down from 943,000 in July.
In stocks, mega cap technology companies Facebook Inc. and Alphabet Inc. looked to extend the record highs won on Wednesday. Apple Inc. was also flirting with its own record high.
In earnings, Chewy Inc. shares were sharply lower after the online pet products retailer reported sales for its latest quarter and current quarter guidance missed Wall Street estimates. The company predicts its growth rate will moderate as the economy normalizes amid the easing of COVID restrictions.
Smith & Wesson Brands Inc. reported record quarterly sales that were shy of analysts’ expectations. Cost-cutting helped the gun manufacturer achieve record gross margin.
Broadcom Inc., Docusign Inc. and Hewlett Packard Enterprise Co. are among the companies set to report following the closing bell.
Elsewhere, Virgin Galactic Holdings Inc. is facing a Federal Aviation Administration investigation after the flight that carried Richard Branson, the company’s billionaire founder, into space reportedly veered off course.
Tesla CEO Elon Musk announced the redesigned roadster likely wouldn’t be available until 2023, three years later than initially expected.
In commodities, West Texas Intermediate crude oil climbed 44 cents to $69.03 a barrel and gold edged up $2.10 to $1,818.10 an ounce.
Overseas trading was choppy.
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In Europe, Britain’s FTSE 100, France’s CAC 40 and Germany’s DAX 30 were all within 0.1% of their respective flat lines.
Asian bourses rallied across the board with China’s Shanghai Composite rising 0.84%, Japan’s Nikkei 225 adding 0.33% and Hong Kong’s Hang Seng index ticking up 0.24%.
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