On Thursday, Wall Street futures indicated a moderately positive opening, driven by strength within the technology sector. Traders are also beginning to consider the economic outlook for 2025 following the trading hiatus observed on New Year's Day. Tesla, identified by its stock symbol (TSLA), saw a pre-market increase of 1.2%, while Meta Platforms, known as (META), achieved a rise of 1% in the same trading period. Looking at futures, the S&P 500 experienced a rise of 0.8%, the Nasdaq climbed by 0.5%, and the Dow Jones showed an uptick of 0.4%.
These indicators reflect a steady market sentiment as investors prepare for new economic data. In the Asian markets, trading was mixed with a downward trend observed primarily in Hong Kong and Shanghai, while Tokyo's markets remained closed due to a holiday. This divergence in performance highlights the varying economic conditions across regions. European markets mirrored this sentiment, showing slight declines in midday trading as investors reacted to the mixed signals from global markets. On the economic calendar, various reports are scheduled for release.
The weekly MBA mortgage applications data is set to come out at 7 am ET, followed by the national weekly jobless claims report at 8:30 am ET. Investors will also be looking at the S&P Global final December manufacturing purchasing managers index (PMI) scheduled for release at 9:45 am ET. Furthermore, the November construction spending bulletin is expected at 10 am ET. Additionally, the Energy Information Administration (EIA) will release its weekly petroleum status report at 11 am ET, which is anticipated to provide insights into oil market dynamics. In the pre-market action, Bitcoin was trading at an impressive $96,597.
Meanwhile, West Texas Intermediate crude oil saw an increase to $72.64. The yield on 10-year US Treasuries was recorded at 4.53%, indicating the bond market's response to current economic conditions. Spot gold was trading at a substantial value of $2,645 per ounce, reflecting the ongoing appeal of precious metals as a safe haven asset. Overall, the market appears to be gearing up for significant movements in the near future based on the myriad of economic indicators to be released shortly, along with the trends seen in key sectors such as technology..