As market watchers prepare for the new financial year, US benchmark equities are exhibiting a positive trend ahead of the opening bell on Thursday. In premarket trading, the Standard & Poor's 500 index has climbed by 0.6%, reflecting growing investor confidence. The Dow Jones Industrial Average has also seen a 0.5% rise, while the Nasdaq Composite has surged by 0.8%.
Despite the positive movements in the US markets, most Asian exchanges are reporting lower performance, coupled with a midday decline in several European markets. Investors have their eyes on a busy economic calendar today. The weekly mortgage applications report will be released at 7 am ET, providing insights into the housing market's health.
At 8:30 am, the weekly jobless claims data will be published, which is crucial for understanding labor market trends. Furthermore, the final Purchasing Managers' Manufacturing Index for December is set for release at 9:45 am. Finally, the reports on construction spending from November are scheduled for a 10 am disclosure, giving a glimpse into economic activity.
The weekly EIA petroleum inventories report will follow at 11 am, crucial for monitoring energy market dynamics. In the premarket, Unity Software saw a remarkable jump of 9% following social media influencer Keith Gill's subtle endorsement of the gaming software company. Tesla's stock appreciated by 1.4% as anticipation builds for its fourth-quarter delivery results.
Meanwhile, shares of MicroStrategy and Coinbase showed positive movements of 6.5% and 4.5%, respectively. Nvidia’s stock also climbed by 1.5%, alongside Palantir, which experienced a 1.6% increase. On the cryptocurrency front, Bitcoin rose approximately 2%, trading at $96,449. Similarly, West Texas Intermediate crude oil climbed 1.6%, reaching $72.80 per barrel.
Treasury yields on 10-year notes dipped by 4.2 basis points, settling at 4.54%, an indicator of investor sentiment in the broader financial landscape. In commodity trading, gold experienced a minor uptick of 0.6%, now priced at $2,655 per ounce. With these developments, market participants are eagerly awaiting further updates to inform their trading strategies..