U.S. futures indicated an upbeat open on Thursday, following global stocks which inched higher ahead of U.S. jobless claims data, which paves the way for...
U.S. futures indicated an upbeat open on Thursday, following global stocks which inched higher ahead of U.S. jobless claims data, which paves the way for Friday’s jobs report.The Dow DJIA, -0.14% fell 48 points on Wednesday to close at 35,312, while the S&P 500 SPX, +0.03% held on to end just above flat and the Nasdaq COMP, +0.33% outperformed, rising 0.3%.
Fed Chair Jerome Powell has signalled that the central bank would be watching employment data as it mulls the end of its pandemic-era measures to add liquidity to markets.On Wednesday, weak numbers from payroll provider ADP’s report and the ISM’s measure of factory jobs underscored the room the U.S. economy still has to grow in terms of employment. That could put Thursday’s data on initial jobless claims from last week in even greater focus ahead of Friday’s jobs report.
“Not a great indicator for Friday’s nonfarm payrolls and this would potentially give the Fed more rope to delay the taper,” said Neil Wilson, an analyst at Markets.com. “If data keeps getting worse, or less good, rather, then you can see the FOMC start to voice concerns at the Sep meeting and we could be in a position where the US central bank actually doesn’t taper asset purchases this year.
Also of note, the People’s Bank of China announced subsidies for companies battered by the pandemic as well as a more prominent role for local special bonds to drive investment. In terms of corporate earnings, Hewlett Packard Enterprise HPE, -0.78% reports results alongside American Eagle Outfitters AEO, -1.54%, Broadcom AVGO, -0.81%, and others.
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