US pre-open: Futures point to higher open ahead of raft of economic data
Stock futures pointed to a positive open on Thursday, as investors put the worries about Greece aside to focus on data and jobless claims.
Dow Jones I.A.
39,512.84
04:30 15/10/20
GoPro Inc.
$1.59
12:49 10/05/24
Hospira Inc.
$89.95
11:00 08/07/16
Nasdaq 100
18,161.18
12:15 10/05/24
Pfizer Inc.
$28.01
11:09 10/05/24
Philip Morris International Inc.
$99.66
10:59 10/05/24
Sirius XM Holdings Inc
$3.03
13:03 10/05/24
Twitter Inc
$53.70
11:00 08/03/24
The Dow Jones is expected to open approximately 101 points higher than Wednesday's close, while the S&P 500 and the Nasdaq are expected to begin the session 14 and 20 points higher respectively.
The European Central Bank’s decision to pull the plug on its funding for Greece’s financial sector sent shockwaves through Wall Street late on Wednesday, while energy stocks were hit by a sharp drop in the price of crude.
"The ECB’s decision wasn’t expected so the shock value sent global shares lower on Wednesday but as long as Greeks still have access to the emergency liquidity assistance programme, there should be no major cause for concern," said CMC Market analyst Jasper Lawler.
"European matters aside, US markets were actually quite strong in the face of falling oil prices in the last trading session in a sign of endurance that hasn’t been present in the past couple of months."
The latest developments over Greece’s financial situation hit European stocks on Thursday, but across the Atlantic investors had reasons to remain confident.
“Greece is increasingly perceived by the market as an isolated case that will not spread to the rest of Europe, which ultimately is weakening Greece’s cards against Europe and the ECB,” said Peter Garnry, head of equity strategy at Saxo Bank.
Thursday is a busy day in terms of economic data, with weekly jobless claims, December trade deficit and productivity data and unit labour costs for the fourth quarter due out at 14:30 GMT.
In corporate news, Dunkin’ Brands Group rose slightly ahead of the bell after reporting earnings that fell just short of estimates and announcing a $700m buyback programme.
Philip Morris and Sirius XM Holdings both edged forward in pre-market trading ahead and will publish reports ahead of the opening bell.
Going the other way, Michael Kors plunged over 10% after the luxury designer announced a weaker-than-expected outlook for the fourth quarter and financial year, while Keurig fell over 8% after reporting disappointing quarterly late on Wednesday.
Hospira surged over 36% after The Wall Street Journal reported it would buy the drugmaker for $16bn, while Twitter, LinkedIn, GoPro and Yelp will all report after the close.
The dollar lost almost 1% against the euro and almost 0.5% against the pound but registered a marginal gain against the yen, while gold futures fell 0.17% to $1,262.40.
The prices of oil rebounded slightly, with Brent crude rising almost 2% to $55.24 a barrel, while West Texas Intermediate rose 1.5% to $49.18 a barrel.