Stock Futures Point to a Higher Start
U.S. stock futures gained on Thursday as market sentiment remained upbeat in the backdrop of improving U.S. economic data and record high valuations of U.S. equities. On Wednesday, the Dow Jones extended its all-time-high level while S&P 500 ended 24 points below its record high close.
However, spotlight will remain on interest rate policy statements from both the European Central Bank (ECB) and the Bank of England (BOE) later today.
Earlier today, the Bank of Japan (BOJ) left benchmark interest rate unchanged.
At last check, futures on Dow Jones Industrial Average Index inched up 0.07%; those on NASDAQ 100 Index gained 0.30% while futures on S&P 500 Index added 0.12%.
On U.S. economic data front, the Labor Department is expected to release its data on weekly initial jobless claims at 8:30 A.M. EST. economists are expecting initial jobless claims rising to 353,000 from 344,000 in the previous week.
Simultaneously, the Labor Department will also release two separate data: fourth quarter 2012 productivity and unit labor costs.
At 3:00 P.M. EST, the Federal Reserve will release consumer credit report for the month of January.
In Asia, markets ended mixed with Japan’s Nikkei 225 Index edging 0.30%, Hong Kong’s Hang Seng inching down 0.03% while China’s benchmark Index, the Shanghai composite Index tumbling almost 1:00% on Thursday.
Elsewhere in Europe, all leading benchmark indexes were trading higher with Pan European Stoxx 600 Index up 0.21% FTSE 100 edging up 0.45% while DAX gaining 0.27%, at last check, Sentiment was buoyed after Spain successfully auctioned sovereign bonds.
Shares of Pet supplies retailer, PetSmart Inc. (NASDAQ: PETM) will be under pressure. Shares of the pet supply retailer plunged about 9% in afterhours trading on Wednesday as guidance on the current fiscal year fell short of Street’s estimate.
The Kroger Co. (NYSE: KR) is scheduled to report quarterly results ahead of the bell.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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