A woman carries an umbrella as she walks past the New York Stock Exchange (NYSE) in New York City on February 9, 2017.
Drew Angerer | Getty Images
Futures contracts pegged to major US stock indices rose early Thursday as Wall Street tried to build on the S&P 500 winning streak.
Dow Jones Industrial Average futures pointed to an opening profit of around 30 points. S&P 500 futures and Nasdaq 100 futures have hardly changed.
The moves came after a relatively quiet day on Wall Street, with the S&P 500 rising 0.1% for a third straight day. The index is up 3.12% this week.
The Dow Jones Industrial Average was up 36 points while the Nasdaq Composite was down less than 0.1% on Amazon stocks falling less than 0.1% during the regular session.
Investors watched a handful of stocks, including eBay, PayPal, and Qualcomm, in expanded trading after each posting a quarterly earnings report.
Of the three, eBay slightly outperformed, with the after-hours market up more than 9% after outperforming both profit and profit margins and giving a rosier-than-expected forecast for the first quarter.
PayPal gained nearly 3% while Qualcomm fell more than 7% after revenue for the first quarter of the fiscal year was below consensus estimates.
Apple gained 2% in expanded trade after CNBC reported it was about to sign a deal with Hyundai-Kia to manufacture driverless cars. The news that the two might be close to a deal comes after Hyundai said in January that it was in preliminary talks with the iPhone maker to develop a car.
The macro outlook remained in focus as traders prepared for the final iteration of the Department of Labor’s unemployment claims report due at 8:30 a.m. ET on Thursday. Economists polled by Dow Jones expect 830,000 claims for the first time in the week ending January 30th.
If claims were received as expected, it would be a slight reduction from the 847,000 original claims the previous week.
Economic recovery and market performance have been tracking the severity of Covid-19 in the United States. Some strategists said the introduction of vaccines could lead to higher interest rates, if not outperformance in cyclical stocks or bank stocks.
“Sentiment about Covid vaccines is still very low. This will improve as investors understand that vaccines produce either 1) immunity or 2) mild reactions (low severity),” wrote Dennis DeBusschere, ISI strategist at Evercore , on Wednesday in an email.
“As investors and society at large recognize that low severity is really important, sentiment about vaccines will improve and [Treasury] Returns will have one more gap, “he added.
The yield on the 10-year US Treasury bill rose 3 basis points to 1.14% on Wednesday.