US equity futures experienced an uptick on Thursday during premarket trading as investors geared up for a significant release of economic data, including an essential report on US economic growth. The Dow Jones Industrial Average futures rose by 0.4%, while S&P 500 futures increased by 0.7%, and Nasdaq futures saw a notable rise of 1.4%.
This positive movement suggests that traders are optimistic about the upcoming economic indicators, reflecting a cautious yet hopeful sentiment in the market. However, amidst this mixed bag of financial forecasts, oil prices took a dip. The global benchmark for oil, North Sea Brent crude, fell by 2.8%, settling at $71.02 per barrel, with US West Texas Intermediate crude following suit, also down by 2.8% at $67.73 per barrel.
The fluctuations in oil prices can often signal broader economic trends, making it a vital metric for investors to watch. Key data being released includes US gross domestic product (GDP) growth, which is scheduled to be unveiled at 8:30 am ET. Forecasts suggest that the GDP growth is likely to remain unchanged from the previous second estimate of a 3% growth rate for the third estimate, according to estimates compiled by Bloomberg.
Additionally, durable goods orders, also set for release at 8:30 am ET, are projected to see a decrease of 2.8% in August, following a substantial 9.9% increase in July. This potential drop raises concerns regarding consumer spending and manufacturing health in the economy. In another crucial economic indicator, new unemployment claims are anticipated to rise to 224,000 for the week ending September 21, up from 219,000 the previous week.
This slight increase could point towards a softening labor market, which is something investors are monitoring closely. Moreover, pending home sales, expected to be reported at 10 am ET, are anticipated to rise by 0.9% in August after experiencing a significant 5.5% decline in July. These mixed economic signals underline the complexities facing the US economy, as investors brace for the data that could heavily influence market direction in the near term..