U.S. futures traded higher on Thursday morning buoyed by a strong rally in chip stocks following Micron Technology’s (MU) impressive 14% gain in yesterday’s extended trading session. This rally followed the chipmaker’s better-than-expected fiscal fourth-quarter results and optimistic guidance for the current quarter. Futures on the S&P 500 (SPX), the Dow Jones Industrial Average (DJIA), and the Nasdaq 100 (NDX) were up by about 0.72%, 0.37%, and 1.31%, respectively, at 3:04 a.m. EST, September 26.
On Wednesday, the broader market experienced a slight pullback from its recent record highs. The S&P 500 and the Dow Jones indices declined 0.19% and 0.70%, respectively. However, the Nasdaq Composite gained 0.04%.
Importantly, investors will be watching the weekly jobless claims report, scheduled for release today, for insights into the labor market. Economists expect initial unemployment claims to have fallen to 223,000 for the week ending September 21. Additionally, the final reading of the second-quarter Gross Domestic Product (GDP) growth estimate will be released.
Furthermore, several Federal Reserve officials, including Chair Jerome Powell and New York Fed President John Williams, are scheduled to speak today. Their comments could provide clues about the Fed’s future monetary policy stance.
On the corporate earnings front, CarMax (KMX), Accenture (ACN), and Costco Wholesale (COST) are scheduled to release their quarterly numbers today.
Meanwhile, the U.S. 10-year treasury yield remained unchanged, floating near 3.781% at the time of writing. However, the WTI crude oil futures are trending lower, hovering near $67.37 per barrel as of the last check.
Elsewhere, European markets are expected to open higher on Thursday, buoyed by the rally in U.S. futures and Asia-Pacific markets.
Asia Pacific Market Rallied on Thursday
Asia-Pacific markets traded higher today, driven by optimism about China’s stimulus measures and reports of a potential capital injection into its major state banks. At the same time, the Bank of Japan’s meeting minutes indicated that policymakers believe the country has largely overcome the financial strains of recent years and is poised for continued growth.
At the time of writing, Hong Kong’s Hang Seng index was up 3.39%. Also, China’s Shanghai Composite and Shenzhen Component indices gained 3.05% and 3.89%, respectively. Moreover, Japan’s Nikkei and Topix indices moved higher by 2.79% and 2.66%, respectively.
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Read More: Stock Market News Today, 9/26/24 – Futures Tick Up on Chip Stocks Rally
