Wall Street Targets To Open Modestly Up

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A slew of economic announcements, especially the weekly jobless claims and fourth-quarter GDP, will be the major focus on Thursday.

As of 7.15 am ET, the Dow futures were up 99.00 points, the S&P 500 futures were adding 21.00 points and the Nasdaq 100 futures were progressing 115.00 points.

Asian shares finished mostly up, while European shares are trading broadly positive.

The U.S. major averages finished broadly lower on Wednesday. The Nasdaq gained 14.77 points or 0.1 percent to 11,507.07, the S&P 500 edged down 6.29 points or 0.2 percent to 3,991.05 and the Dow dipped 84.50 points or 0.3 percent to 33,045.09.

With the modest decreases on the day, the Dow and the S&P 500 once again fell to their lowest closing levels in a month.

On the economic front, the Commerce Department's Gross Domestic Product or GDP for the fourth quarter will be published at 8.30 am ET. The consensus is for an increase of 2.9 percent, while it was up 2.9 percent in the previous quarter.

The Labor Department's Jobless Claims for the week is scheduled at 8.30 am ET. The consensus is 200k, while it was up 194k in the previous week.

The Chicago Fed National Activity Index for January will be issued at 8.30 am ET. In the prior month the index was down 0.49.

The Energy Information Administration or EIA's Natural Gas Report for the week is expected at 10.30 am ET. In the prior week, the gas stock was down 100 bcf. EIA's Petroleum Status report will be published at 11.00 am ET. In the prior week, the crude oil inventories were up 16.3 million barrels, and the gasoline inventories were up 2.3 million barrels.

The Kansas City Fed Manufacturing index for February will be issued at 11.00 am ET. In the prior month, the level was down 1.

Seven-year Treasury Note auction will be released at 1.00 pm ET.

The Fed Balance Sheet for the week will be revealed at 4.30 pm ET. In the prior week, the level was at $8.385 trillion.

Atlanta Federal Reserve Bank President Raphael Bostic will participate in a conversation on Fed's Role in the Banking Industry before the Federal Reserve Bank of Atlanta's 2023 Banking Outlook Conference at 10.50 am ET.

San Francisco Federal Reserve Bank President Mary Daly will participate in virtual fireside chat at 2.00 pm ET.

Asian stocks ended on a mixed note Thursday. Japanese markets were closed today. China's Shanghai Composite index slipped 0.11 percent to 3,287.48.

Hong Kong's Hang Seng index ended 0.35 percent lower at 20,351.35.

Australian markets extended losses for a third straight session. The benchmark S&P/ASX 200 index dropped 0.40 percent to 7,285.40 while the broader All Ordinaries index ended 0.33 percent lower at 7,492.50.

European shares are trading mostly higher. CAC 40 of France is gaining 29.04 points or 0.40 percent. DAX of Germany is adding 80.43 points or 0.53 percent. FTSE 100 of England is declining 20.96 points or 0.26 percent. The Swiss Market Index is down 37.09 points or 0.33 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.53 percent.

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