US equity markets exhibited strong upward momentum before the opening bell on Thursday, with traders eagerly anticipating several critical economic reports and insights from prominent Federal Reserve officials. The Standard & Poor's 500 index experienced a notable gain of 0.8%, while the Dow Jones Industrial Average saw an increase of 0.5%, and the Nasdaq rose significantly by 1.4% in premarket trading.
Meanwhile, stock exchanges across Asia and Europe showed positive indicators, suggesting a robust global market sentiment. On the economic calendar, several key reports were scheduled for release at 8:30 AM ET, including the durable goods orders report for August, the third and final estimate of the second-quarter gross domestic product, the weekly jobless claims bulletin, and the revised report on second-quarter corporate profits.
Additionally, the National Association of Realtors pending home sales index for the previous month is set to be released at 10 AM, followed by the weekly EIA domestic natural gas supplies report at 10:30 AM. The Kansas City Fed Manufacturing Index for September is slated for an 11 AM release, adding to the economic data stream that traders will closely monitor. In the world of Federal Reserve communications, Boston Fed President Susan Collins is scheduled to deliver remarks at 9:10 AM, and she will be followed by Fed Governor Michelle Bowman at 9:15 AM.
Fed Chair Jerome Powell is set to offer insights at 9:20 AM, with New York Fed President John Williams speaking shortly after at 9:25 AM. Additional comments from Fed Vice Chair for Supervision Michael Barr and Fed Governor Lisa Cook are anticipated at 10:30 AM, while Minneapolis Fed President Neel Kashkari will address the market at 1 PM, and Cook will return for additional comments at 6 PM. In company news, shares of Micron Technology ($MU) experienced a substantial pre-bell surge of 15%, benefiting from a fiscal fourth-quarter profit that exceeded analysts’ expectations.
Intel ($INTC) saw its shares rise by 2.8%, while Advanced Micro Devices ($AMD) followed closely with a gain of 2.2%. Meanwhile, Meta Platforms ($META) recorded a 1.7% increase following the unveiling of updated versions of its Ray-Ban-styled smart eyeglasses, demonstrating continued innovation in the tech sector. Earnings reports from notable companies such as Accenture ($ACN), Jabil ($JBL), CarMax ($KMX), and TD Synnex ($SNX) are anticipated before the opening bell.
In the after-hours trading session, Costco Wholesale ($COST), Vail Resorts ($MTN), and BlackBerry ($BB.US) are also set to post their earnings, further keeping investors on alert for any surprises in their financial results. Before the market opens, bitcoin is trading up by 1.7% at $64,312. In commodity markets, West Texas Intermediate crude oil has dipped 1.9% to $68.36 a barrel, while yields on 10-year Treasuries have decreased by 0.9 basis points to 3.77%.
Gold has edged up 0.4% to $2,696 an ounce, indicating some investor preference for safe-haven assets amid ongoing economic uncertainties..