US stock index futures remained almost unchanged in overnight trading on Thursday, after the S&P 500 index recorded its best day since March, with better-than-expected returns.
The futures contract linked to the Dow Jones Industrial Average rose 36 points. S&P 500 index futures rose 0.11%, while Nasdaq 100 index futures rose 0.12%.
In regular trading, the Standard & Poor’s 500 Index rose 1.71%, setting its best one-day performance since March 5. The Dow Jones Index rose 1.55%, ending a four-day losing streak. The benchmark index of 30 stocks hit its best day since July 20. The Nasdaq Composite Index rose 1.73%, its best day since May. All three averages are expected to end the week in green.
Earnings were made when the earnings season began to be strong. The eight members of the Standard & Poor’s 500 Index announced their quarterly results on Thursday morning, and each of them exceeded Wall Street’s expectations. Financial giants Bank of America, Morgan Stanley and Citigroup are all included in the report.
Edward Moya, senior market analyst at Oanda, pointed out: “Banks paint a strong and healthy picture of American consumers.” Turned negative for the economy,” he added.
Goldman Sachs, JB Hunt and PNC Financial will announce quarterly results on Friday.
The better-than-expected employment data on Thursday also boosted market sentiment. According to the Labor Department, the weekly initial jobless claims totaled 293,000 in the previous week, which is the first time it has fallen below 300,000 since the pandemic began.
Despite the hot inflation data and some people warned that it might undermine the economic recovery, Thursday’s gains appeared. According to data from the Department of Labor, the consumer price index rose 0.4% in September and 5.4% year-on-year.
Charlie Ripley, senior investment strategist at Allianz Investment Management, said: “One thing is clear. Summer inflation has been higher than expected and the Fed is beginning to take notice.”
“High inflation levels make it difficult for the Fed to ignore, and some market participants question the’temporary’ view of inflation… We believe that higher inflation levels force the Fed to exit its strategy early. High levels of monetary stimulus,” he added road.
In terms of economic data, retail sales data will be released at 8:30 am EST on Friday, while the University of Michigan Consumer Confidence Index will be released at 10 am EST.
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