Early indications suggest that Wall Street stocks may open nearly flat on Thursday, as the recent run up built on the back of commodity rally and earnings optimism loses steam. Oil is still holding higher and most other commodities are also higher. The dollar is mostly weaker. Ahead of the European Central Bank's monetary policy decision, which is widely expected to be left unaltered, stocks across the Atlantic have turned lower. The domestic markets could now look ahead to the results of a regional manufacturing survey, the jobless claims data and another slew of earnings from companies, including Travelers Companies (TRV), General Motors (GM) and Verizon (VZ).
As of 6:15 am ET, the Dow futures are moving down 4 points, the S&P 500 futures are slipping 1.25 points and the Nasdaq 100 futures are declining 6.75 point.
U.S. advanced yet again on Wednesday, with earnings news, oil's surge and positive existing home sales data giving a solid thrust to the markets.
On the economic front, the Philadelphia Federal Reserve is scheduled to release the results of its regional business outlook survey at 8:30 am ET. The consensus estimate calls for a decline in the index to 9.
Also at 8:30 am ET, the Labor Department is due to release its weekly jobless claims report for the week ended April 14th. Economists expect claims to have risen to 265,000 from 253,000 in the previous week. At 9 am ET, the Federal House Finance Agency will release its U.S. house price index for February. Economists expect the index to have risen 0.4 percent month-over-month.
The Conference Board is due to release its leading economic indicators index for March at 10 am ET. Economists expect a 0.5 percent month-over-month increase in the index for the month. The Treasury is set to make announcements concerning the Treasury auctions of 2-year, 5-year and 7-year notes at 11 am ET. In major corporate news, American Express (AXP) reported better than expected first quarter results. Meanwhile, Las Vegas Sands (LVS) ringed in below-consensus earnings and revenues for its first quarter.
Mattel (MAT) reported a wider loss for its first quarter, while its revenues declined year-over-year. Yum Brands' (YUM) first quarter adjusted earnings beat estimates, although revenues were shy of estimates.
Newmont Mining (NEM) reported first quarter adjusted net income and revenues that were ahead of expectations. Knight Transportation's (KNX) first quarter results missed expectations.
Advanced Micro Devices (AMD), Google parent Alphabet (GOOGL), BJ Restaurants (BJRI), E*TRADE (ETFC), Hanesbrands (HBI), Marvell (MRVL), Maxim Integrated (MXIM), Norfolk Southern (NSC), Schlumberger (SLB), Starbucks (SBUX), Swift Transportation (SWFT), Unisys (UIS) and Visa (V) are among the companies due to release their quarterly results after the close of trading.
The major Asian markets mostly advanced, tracking the positive lead from Wall Street overnight. Buoyant commodities also lent support.
The weak yen triggered a strong rally in the Japanese market. The Nikkei 225 closed up 457.08 points or 2.70 percent at a 2-1/2 month high of 17,364. Australia's All Ordinaries hovered in positive territory throughout the session, ending up 55.20 points or 1.05 percent at 5,336.
Hong Kong's Hang Seng Index ended at 21,622, up 385.94 points or 1.82 percent, while China's Shanghai Composite Index fell 19.69 points or 0.66 percent before ending at 2,953.
On the economic front, the results of a survey by the National Australia Bank showed that confidence among businesses in Australia receded slightly, with the corresponding index slipping 1 point to 9 in the December quarter. The business condition index also edged down 1 point to 5.
European stocks opened higher and saw volatility in early trading and in afternoon trading, the indexes have turned moderately lower. Traders were on a 'hold' mode ahead of the European Central Bank's rate decision.
In major corporate news, Novartis (NVS) reported first quarter earnings and sales that were below estimates by most analysts, as higher investment and weak cancer drug sales weighed down on results. Schneider Electric reported better than expected first quarter revenues, as strong U.S. construction market offset the impact of a firmer euro. Ericsson's (ERIC) first quarter results trailed expectations and it announced a major management overhaul. Anglo American reported declines in iron ore and diamond output.
On the economic front, ahead of the European Central Bank's rate decision, the Swedish central bank, the Riksbank, announced an expansion to its asset purchase program, while keeping its rate intact in negative.
Retail sales in the U.K. declined more than expected in March, figures from the Office for National Statistics showed. On a monthly basis, retail sales volume slid 1.3 percent, bigger than February's 0.5 percent fall and the expected 0.1 percent drop. This was the second consecutive monthly decline in sales. Excluding auto fuel, retail sales volume declined 1.6 percent following a 0.3 percent drop in February. Economists had forecast a marginal 0.3 percent decrease.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.