US equity futures remained stable on Thursday as the excitement from the recent election begins to fade. Futures for the Dow Jones Industrial Average saw a modest increase of 0.1%, while S&P 500 futures ticked up by 0.2%, and Nasdaq futures rose by 0.3%. This comes after major equity benchmarks experienced significant gains on Wednesday, riding high following Donald Trump's presidential election victory. In the oil market, prices took a downturn, with North Sea Brent crude, a global benchmark, falling by 0.7% to $74.38 per barrel.
Similarly, US West Texas Intermediate crude saw a decline of 0.8%, settling at $71.08 per barrel. Market analysts are keenly observing new unemployment claims, due for release at 8:30 am ET. Expectations suggest a rise to 223,000 for the week ending on November 2, up from the previous week's total of 216,000.
Moreover, forecasts for nonfarm productivity point to a healthy increase at a rate of 2.6% in the third quarter. However, unit labor costs are anticipated to increase at a rate of 1.1%. The Federal Open Market Committee is also preparing to issue its policy statement at 2 pm ET, a crucial moment for market watchers as the dynamics of monetary policy continue to unfold..