US pre-open: Futures trade higher ahead Fed speakers, GDP reading

26th Sep 2024 12:45

(Sharecast News) - Wall Street futures were in the green ahead of the bell on Thursday as major indices looked set to reclaim some of yesterday's losses.

As of 1245 BST, Dow Jones futures were up 0.45%, while S&P 500 and Nasaq-100 futures had the indices opening 0.81% and 1.50% firmer, respectively.

The Dow closed 293.47 points lower on Wednesday, putting an end to its winning streak after four sessions.

Thursday's primary focus will likely be on a final reading of America's Q2 gross domestic product figures at 1330 BST, which economists expect to see unchanged at 3%.

Market participants will also be dialled in on a raft of Fed speakers today, with chairman Jerome Powell set to deliver a speech at 1420 BST, while Susan Collins, Adriana Kugler, Michelle Bowman, John Williams, Michael Barr, Lisa Cook and Neel Kashkari all set to speak throughout the course of the day.

Trade Nation's David Morrison said: "Today brings a clutch of Fed speakers, adding to those from earlier in the week, all topped off by Fed Chair Jerome Powell. It seems unlikely that any of these will want to unsettle the mood by, for instance, expressing undue concern over a rebound in inflation, or a potential collapse in the labour market. Instead, it's likely they'll provide an overall positive message.

"The only issue causing some doubt amongst investors seems to be whether the Fed will cut rates by an additional 50, or 75 basis points by year-end. If any investors are concerned about high levels of debt, federal or otherwise, they're keeping their opinions to themselves. And why not? Neither candidate in the upcoming Presidential Election is keen to address it. Instead, both blithely talk about their spending plans."

Elsewhere on the macro front, weekly jobless claims data will be out at 1330 BST, as will durable goods orders, while pending home sales figures will follow at 1500 BST and the Kansas Fed's September manufacturing activity index was slated for release at 1600 BST.

In the corporate space, semiconductor giant Micron was trading higher in pre-market after the group issued strong guidance overnight, while Costco shares were slightly higher ahead of the retailers latest earnings after the close.

Reporting by Iain Gilbert at Sharecast.com