Stock futures are flat Thursday evening: Live updates
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 29, 2023.
Brendan Mcdermid | Reuters
U.S. stock futures were flat on Thursday night.
Dow Jones Industrial Average futures added 14 points, or 0.04%. S&P 500 futures rose 0.09%, while Nasdaq 100 futures gained 0.05%.
The Dow gained more than 141 points or 0.43% during regular trading Thursday. The S&P 500 rose 0.57%, and the tech-heavy Nasdaq gained 0.73%.
The three major averages are also on pace for a positive week. The Dow is up 1.93%, and the S&P 500 has a 2% gain. Both indexes are on track for their best weekly performance since January. The Nasdaq is up 1.6% for the week.
Thursday’s gains come after the number of weekly jobless claims reached 198,000, up 7,000 from the prior week. The cooldown in the labor market added to Wall Street’s optimism that the Fed will soon bring an end to its rate hike cycle. Semiconductors enjoyed a strong day, with AMD and Nvidia up more than 1%.
The recent rally is “helping to confirm the market’s perception that the problems that brought the market to a crisis of confidence could very well be contained,” said Quincy Krosby, chief global strategist for LPL Financial.
“The semiconductors, [which] have come to be viewed as an important bellwether for global growth, delivered a strong performance,” Krosby continued.
However, she noted that the markets are not yet completely in the clear from an economic downturn.
“Economic concerns enveloping recession fears haven’t vanished as the yield curve still represents a counter to the market’s climb higher,” Krosby added.
The Federal Reserve’s preferred inflation gauge, the personal consumption expenditures index, is due to be released at 8:30 a.m. ET on Friday. Economists polled by Dow Jones expect that the core PCE, which excludes energy and food costs, gained 0.4% in February from the prior month and added 4.7% on an annualized basis.
Personal income data and consumer spending will also be issued Friday morning. The final March reading of the University of Michigan’s consumer sentiment index is due at 10 a.m. ET.
Several central bank officials are also scheduled to speak Friday, including Fed Governors Lisa Cook and Christopher Waller.
