Dow futures rise in anticipation of economic data
2022.12.29 07:21
Dow futures rise in anticipation of economic data
Budrigannews.com – After the selloff of the previous session, U.S. stocks are expected to open slightly higher on Thursday. However, gains are likely to be limited as investors continue to be concerned about the possibility of a recession in the new year.
The contract was up 80 points, or 0.2 percent, at 06:55 ET (11:55 GMT), up 16 points, or 0.4 percent, and up 80 points, or 0.7 percent.
Wednesday saw sharp declines in all three major averages, with the blue-chip down 365 points, or 1.1%, the broad-based down 1.2 percent, and the tech-heavy down 1.4 percent.
These main indices are going to have their worst year since 2008, with the Nasdaq losing the most, dropping by about a third, as investors moved away from growth stocks out of fear of a recession caused by aggressive monetary tightening.
The most important economic data will be released on Thursday, the weekly number, which is expected to rise to 225,000 from 216,000 for the week that ended December 24.
The European Central Bank released data earlier this week indicated that bank lending to businesses in the Eurozone slowed in November as a result of rising interest rates and what appeared to be a looming recession.
Thursday’s news of a new round of Russian missile strikes in Ukraine, with explosions heard in several cities, including the capital, Kyiv, is also likely to influence sentiment.
Southwest Airlines (NYSE:) belongs to the business sector. is likely to be in the news on Thursday because the airline canceled about 60% of today’s flights, adding to the thousands of flights that had already been canceled this week, which angered the country’s regulators.
The increase in COVID cases in China, the world’s largest crude importer, dampened expectations for an increase in demand from this important source, which resulted in a decline in oil prices on Wednesday.
U.S. unrefined petroleum inventories fell by 1.3 million barrels in the week finished Dec. 23, as indicated by information provided by the business body , which was not exactly anticipated.
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Later in the session, the official weekly figures will be released by the U.S. government in the form of the.
By 06:55 ET, the contract was down 0.9% to $83.20 and futures were down 1.2% to $77.99 a barrel.
Additionally, it traded 0.2% higher at 1.0633 despite falling 0.1% to $1,813.45/oz.
