Stock futures gain ahead of GDP, jobless claims

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Earnings highlights will include reports from Apple, Amazon and Starbucks

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US equities futures were trading with gains ahead of reports of economic growth and jobless claims.

Major futures indices point up 0.2% when the opening bell on Wall Street.

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The first estimate of the third quarter GDP will be released on Thursday morning. Refinitiv forecasts for a seasonally adjusted annual growth rate of 2.7%, which is four full percentage points below the 6.7% pace of growth in the second quarter.

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At the same time, the Labor Department is out with its new claims for unemployment benefits last week. Expectations are for 290,000, unchanged from the pandemic lows in the past week. Continuing claims, which track the total number of unemployed workers collecting benefits, are projected to fall from 66,000 to another pandemic low of 2.415 million.

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Later in the morning, the National Association of Realtors is out with its index of pending home sales for September. Economists surveyed by Refinitiv expect the index to remain unchanged after a stronger-than-expected 8.1% jump in August as buyers flocked to the market.

The earnings parade continues ahead of the opening bell results from two more Dow members — heavy equipment maker Caterpillar and drugmaker Merck.

The afternoon report will be highlighted by Apple, Amazon and Starbucks.

The European Central Bank is expected to keep policy unchanged on Thursday and move ahead against rising expectations of a hike in interest rates next year.

London’s FTSE fell 0.3%, Germany’s DAX 0.2% and France’s CAC 0.2%.

In Asia, Tokyo’s Nikkei 225 index fell 0.9%, as the Bank of Japan kept its monetary policy unchanged at its meeting on Thursday. It lowered its growth forecast for the fiscal year ending March to 3.4% from the 3.8% estimate released in July.

The Hang Seng in Hong Kong lost 0.4%, while China’s Shanghai Composite Index lost 1.2%.

anchor the protection The last Change Change %
Me: DJI dow jones average 35490.69 -266.19 -0.74%
SP500 S&P 500 4551.68 -23.11 -0.51%
me: comp NASDAQ Composite Index 15235.837734 +0.12 +0.00%

The S&P 500 closed 0.5% lower at 4,551.68 in New York on Wednesday. The Dow Jones Industrial Average fell 0.7% to end at 35,490.69. It and the S&P 500 both hit record highs the day before.

The Nasdaq closed at 15,235.84, up less than 0.1%.

Long-term bond yields declined significantly and weighed on banks, which rely on higher yields to charge more attractive interest on loans. The yield on the 10-year Treasury fell to 1.53% from 1.61% late Tuesday. It was steady at 1.55% in the early hours of Thursday.

U.S. crude oil prices fell 2.4% on Wednesday and energy stocks fell. Exxon Mobil dropped 2.6%.

On Thursday, US benchmark crude fell 60 cents to $82.06 a barrel. Brent crude, the base for international pricing, fell 58 cents to $84.00 a barrel.


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