Stock Futures Stable After One Day Bounces On Wall Street
Traders on the floor of the New York Stock Exchange.
Stock futures were flat in overnight trading after major averages rebounded from a three-day losing streak on Thursday, led by tech stocks.
Futures contracts on the Dow Jones Industrial Average last added 30 points, up 0.09%. Futures contracts on S&P 500 rose 0.06%. Futures on the Nasdaq-100 rose 0.12%.
The forward movement followed a day back on Wall Street with the Dow gaining 186 points and the S&P 500 and Nasdaq composite ending the day 1.06% and 1.77% higher, respectively. Microsoft, Facebook and Alphabet all grew by more than 1% while Netflix and Apple grew by more than 2% each.
Shares of Tesla and other speculative parts of the market rebounded as bitcoin prices rallied after a roller coaster session on Wednesday. However, bitcoin briefly turned negative after the Treasury Department called for Tighter Cryptocurrency Compliance With IRS.
A new pandemic of unemployment at the lowest level also helped sentiment on Thursday. The first claims for unemployment benefits for the week ended May 15 were 444,000, the lowest since March 14, 2020, the Ministry of Labor reported on Thursday. Economists polled by Dow Jones expected 452,000 new claims.
“Improvement in Thursday’s jobless claims strengthens our point of view the disappointing April jobs report was probably a failure rather than a sign of deceleration, and we expect a significant improvement in the labor market in the coming months, ”said Scott Ruesterholz, portfolio manager at Insight Investment.
Despite Thursday’s rebound, the Dow Jones is down 0.9% last week, on track for its fourth negative week in the past five weeks. The S&P 500 is down 0.4% for the week, in line with its second consecutive negative week. The Nasdaq Composite is up 0.8%, positioned to break a 4-week losing streak.
Home Depot shares rose 0.66% in extended trading on Thursday after the retailer announced a new $ 20 billion share buyback program. Home Depot’s announcement came after the company announced its first-quarter earnings and revenue on Tuesday, crushing analysts’ expectations
– CNBC’s Yun Li contributed reporting.