US stock futures were up on Thursday ahead of the country’s GDP data later in the day. Dow Jones futures were up by more than 0.50% ahead of US economic data. S&P 500 index futures as well as Nasdaq 100 index futures rose.
Dow Jones Concerns
Dow Jones Index will react to the United States Gross Domestic Product (GDP) for June. The data is yet to be released later in the day. According to the estimate forecasts by analysts, the GDP is expected to jump 6.4% in June from the previous 4.3% in May.
The United States will also release this week’s initial jobless claims data. The jobless claims are expected to slip to 380,000 after rising to 412,000 last week. With the reopening of the economy amid Fed’s dovish attitude towards the monetary policy, the initial jobless claims are expected to decline at a faster rate this year.
US Core Durable Goods Orders for May are expected to inch lower to 0.8% from the previous 1.0%. According to the Census Bureau, new orders for durable manufactured goods declined 1.3% in April. Transport equipment led the losses with a 6.7% decline that month.
Crude oil prices inched lower on Thursday after recently recording strong gains. US Crude stockpiles have been in the red for five consecutive weeks. This has been the longest losing streak since January 2021.
US Crude was down by 0.2% and was trading at $72.84 per barrel. The crude oil prices dropped after hitting its highest level since October 2018 on Wednesday. Brent oil also slipped 0.1% on Thursday.
The Bank of England on Thursday kept its monetary policy steady. The BoE decided to keep the main lending rate at 0.1% and maintain asset purchases at the current level of £895 billion. The current bank rate has been on a standstill since March 2020.
Eli Lily gained 8% in its stock earnings in pre-market trading. The company’s Alzheimer’s treatment received designation from the Food and Drug Administration. Th drug has been qualified for expedited development and approval.
Steelcase jumped 5.23% in pre-market trading. The company reported a smaller than expected loss in its latest quarter. The company is confident that its revenue will improve as more workers return to work.
Accenture surpassed forecasts by 17 cents per share with a quarterly profit of $2.40 per share. The increased demand for digital transformation services in the company, saw the consulting firm gain 4.2% in its stock prices.
On the flipside, Rite Aid Corporation lost 6.46% in pre-market trade. The company’s revenue decreased.