The major U.S. index futures are pointing to a nervy run on Thursday amid mixed catalysts. After the major averages have run up to multi-month highs, some loss of momentum is being seen. The Dow and the S&P 500 Index are at 9-month highs and the Nasdaq Composite is at the cusp of breaking above the 5,000 barrier.
Among the economic reports released ahead of the open, jobless claims unexpectedly fell but a regional manufacturing survey showed worsening activity level. Domestic earnings continue to offer encouragement. Crude oil is giving back some ground but most other commodities are higher. Asian stocks had a positive session, although the Chinese market came under selling pressure. Amid an unchanged stance from the European Central Bank, the European markets are mixed. U.S. advanced on Wednesday, with earnings news, a jump in oil prices and positive existing home sales data providing a solid thrust to the markets. The major averages opened higher and saw some uncertainty in early trading. Subsequently, the averages rose sharply until early afternoon trading and steadily until late trading. After trimming some of their gains, the averages ended modestly higher for the session. The Dow Industrials added 42.67 points or 0.24 percent before ending at a fresh 9-month high of 18,096, the S&P 500 Index closed 1.60 points or 0.08 percent higher at 2,102 and the Nasdaq Composite Index ended at 4,948, up 7.80 points or 0.16 percent. Sixteen of the thirty Dow components closed higher for the session and one stock ended unchanged, while the remaining thirteen stocks declined. American Express (AXP), Goldman Sachs (GS), IBM (IBM), JP Morgan Chase (JPM) and UnitedHealth (UNH) advanced notably, but Coca-Cola (KO) fell sharply. Boeing (BA), DuPont (DD), Microsoft (MSFT) and Procter & Gamble (PG) also came under selling pressure. Among the sectors, oil service, financial, semiconductor and computer hardware stocks gained ground, while utility and gold stocks moved notably to the downside. On the economic front, the National Association of Realtors reported that existing home sales rose 5.1 percent month-over-month to a seasonally adjusted annual rate of 5.33 million units in March, while economists expected a more modest increase to 5.27 million units. The rate for February was revised to 5.07 million units. Annually, sales increased by 1.5 percent. Single-family home sales rose 5.5 percent month-over-month. The median price of an existing home rose 5 percent to $222,700, resulting in an annual gain of 5.7 percent.
Currency, Commodity Markets In their first day of trading as the front month contract, crude oil futures for June delivery are edging up $0.09 to $44.27 a barrel. The May futures expired at $42.63 a barrel on Wednesday, up $1.55 for the session.
The previous session's rally came amid the release of the weekly petroleum status report, which showed that crude oil stockpiles increased by 2.1 million barrels to 538.60 million barrels in the week ended April 15th. Stockpiles were at historically high levels for this time of the year. Meanwhile, gasoline inventories fell by 0.1 million barrels but were well above the upper limit of the average range. Distillate inventories declined by 3.6 million barrels yet were well above the upper limit of the average range for this time of the year. Refinery capacity utilization averaged 90.10 percent over the four weeks ended April 15th compared to 89.9 percent for the four weeks ended April 8th. Gold futures are currently trading at $1,258.30 an ounce, up $3.90 from the previous session's close of $1,254.40 an ounce. On Wednesday, gold rose $0.10.
On the currency front, the U.S. dollar is trading at 109.46 yen compared to the 109.84 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1260 compared to yesterday's $1.1297.
Asia 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 Index opened higher and moved sideways in the morning. After legging up in the afternoon, the index moved sideways yet again before closing up 457.08 points or 2.70 percent at a 2-1/2 month high of 17,364. A majority of stocks advanced in the session, led by export, financial and resource stocks. Meanwhile, Mitsubishi Motors, which finds itself in a fuel efficiency scandal, extended its slide with a 20 percent drop. Some electrical machinery makers also fell sharply. Australia's All Ordinaries Index hovered in positive territory throughout the session before 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.
Europe European stocks opened higher and saw volatility in early trading. In early afternoon trading, the indexes are mixed. Traders were on hold ahead of the European Central Bank's rate decision.
The European Central Bank opted to hold interest rates at a record low, in line with expectations, as resistance grows amid opposition among politicians for the bank's ultra easy monetary policy. The deposit rate was left at -0.4 percent and the marginal lending facility at 0.25 percent. The central bank also maintained its bond buying program unchanged at 80 billion euros per month. The major U.S. index futures are pointing to a higher opening on Thursday
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 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 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 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. U.S. Economic Reports
The Philadelphia Federal Reserve's regional business outlook survey for April showed contraction in business activity. The general business activity index fell to -1.6 in April from 12.4 in March, thus resuming a negative trend seen for 5 months in the run up to March's positive reading. The consensus estimate had called for a decline in the index to 9.
The new orders index fell to 0 from 15.7 and the shipments index declined to -10.8 from 22.1. The unfilled orders index sunk deeper into contraction territory to -6.3 from -1.9. The employment index worsened notably, with the number of employees index slipping to -18.5 from -1.1 and the average workweek index plunging to -16.2 from 5.7. On a positive note, the 6-month outlook index rose to 42.2 from 28.8. Jobless claims report for the week ended April 16th showed that jobless claims fell to 247,000 from the previous week's unrevised reading of 253,000. Economists expected claims to have risen to 265,000.
The four-week average fell by 4,500 to 260,500. Continuing claims calculated with a week's lag also fell to 2.137 million in the week ended April 9th from 2.176 million in the previous week. The Chicago Federal Reserve released its national activity index for March, showing a decline to -0.44 in March from -0.38 in February. At 9 am ET, the Federal Housing 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. The leading economic indicators index rose 0.1 percent month-over-month in February, while economists expected a 0.2 percent increase. Yield spread and unemployment claims contributed positively to the index, while factory readings slipped.
The Treasury Department is set to make announcements concerning next week's auctions of 2-year, 5-year and 7-year notes at 11 am ET.
Stocks in Focus
General Motors (GM) reported better than expected first quarter earnings per share and revenues. Travelers Companies (TRV) reported below-consensus operating income per share but revenues beat estimates.
Verizon (VZ) reported in line first quarter earnings but its revenues were below expectations. American Express (AXP) reported better than expected first quarter results. Meanwhile, Las Vegas Sands (LVS) revealed 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 expectations. Lam Research (LRCX) reported better than expected third quarter results. Southwest Airlines (LUV) also reported above-consensus results for its first quarter. Union Pacific's (UNP) first quarter earnings beat estimates, while its revenues trailed expectations. F5 Networks (FFIV) reported above-consensus first quarter non-GAAP earnings per share, while its 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.
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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.