Wall Street Positive Ahead Of Jobless Claims Report

wallstreet oct26 30mar23 lt

Thursday's market might be influenced by the reaction to Jobless Claims as well as the Fourth quarter GDP.

Investors are closely watching the developments since the arrest of the Wall Street Journal's correspondent Evan Gershkovich by the Russian Federal Security Services on the accusation of spying. The WSJ vehemently denied the allegations. Meanwhile, Russia's Foreign Affairs Minister Maria Zakharova said Evan's work had nothing to do with Journalism.

Early trends on the U.S. Futures Index suggest that Wall Street might open higher. Asian shares finished up, while European shares are trading positive.

As of 7.45 am ET, the Dow futures were up 198.00 points, the S&P 500 futures were adding 22.75 points and the Nasdaq 100 futures were progressing 67.50 points.

The U.S. major averages finished significantly up on Wednesday. The Nasdaq surged 210.16 points or 1.8 percent to 11,926.24, the S&P 500 shot up 56.54 points or 1.4 percent to 4,027.81 and the Dow jumped 323.35 points or 1.0 percent to 32,717.60.

The Gross Domestic Product or GDP for the fourth quarter will be published at 8.30 am ET. The consensus is for an increase of 2.7 percent, while it was up 2.7 percent in the prior quarter.

The Jobless Claims for the week is scheduled at 8.30 am ET. The consensus is 195K, while it was up 191K in the prior week.

The Corporate Profits for the fourth quarter is expected at 8.30 am ET. In the prior quarter the profits were up 3.5 percent.

The Fed Balance Sheet for the week is scheduled at 4.30 pm ET. In the prior week, the level was up $8.73 trillion.

Richmond Federal Reserve Bank President Thomas Barkin and Boston Federal Reserve Bank President Susan Collins will speak in person before the Virginia Council of CEOs Quarterly Meeting at 12.45 pm ET.

Asian stocks ended mostly higher on Thursday. Chinese and Hong Kong stocks closed higher. China's Shanghai Composite Index closed 0.7 percent higher at 3,261.25. The Hong Kong's Hang Seng Index closed 0.6 percent higher at 20,309.13.

Japanese shares ended modestly lower. The Nikkei 225 Index slipped 0.4 percent to 27,782.93. The broader Topix settled 0.6 percent lower at 1,983.32.

Australian markets rose for a fourth straight session. The benchmark S&P/ASX 200 Index climbed 1.0 percent to 7,122.30, while the broader All Ordinaries Index ended 1.1 percent higher at 7,312.40.

European shares are trading positive. CAC 40 of France is gaining 96.69 points or 1.35 percent. DAX of Germany is progressing 186.84 points or 0.17 percent. FTSE 100 of England is progressing 30.33 points or 1.22 percent. The Swiss Market Index is up 80.55 points or 0.74 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 1.40 percent.

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