Global Stock Markets
U.S. stocks were set for another apathetic day of trade, with futures
struggling for direction on Thursday as traders looked for fresh
catalysts after the tax bill was approved.
Several economic indicators ahead, including weekly jobless claims and a revision to growth domestic product, could provide some inspiration for investors later.
What are indexes doing?
Futures for the Dow Jones Industrial Average YMH8, +0.13% were up 16 points at 24,755, while those for the S&P 500 index ESH8, +0.21% gained 3.4 points to 2,685. Futures for the Nasdaq-100 index NQH8, +0.07% dropped 2.75 points to 6,486.20. The muted action mirrors the mood from Wednesday, when the S&P 500 SPX, -0.08% and Dow average DJIA, -0.11% both ended 0.1% lower and the Nasdaq Composite Index COMP, -0.04% fell 0.04%. The Three benchmarks on Monday closed at all-time highs on signs the highly anticipated tax reform would get approved before Christmas.
What’s driving the market?
The House of Representatives on Wednesday passed the tax bill, which they voted on for the second time due to a technical irregularity before. The Senate approved the reform in the early hours of Wednesday, so all there’s left now is for President Donald Trump to sign the bill into law.
Among the bill’s many features, it includes a reduction in the corporate tax rate from 35% to 21%, which is expected to give U.S. companies a boost and speed up economic growth.
What’s on the economic docket?
Weekly jobless claims are due at 8:30 a.m. Eastern Time, with economists polled by MarketWatch forecasting 230,000 Americans filed for unemployment benefits last week. That would be up from 225,000 in the week before.
Also at 8:30 a.m. Eastern, revised GDP data for the third quarter come out, along with the Chicago Fed national activity index for November and the Philly Fed manufacturing index for December.
A report on leading indicators for November is slated for release at 10 a.m. Eastern.
Which stocks are in focus?
CarMax Inc. KMX, +0.91% , Conagra Brands Inc. CAG, +0.42% and Paychex Inc. PAYX, -0.09% are slated to report earnings ahead of the bell. After the market closes, results from Nike Inc. NKE, -1.01% are on deck.
Apple Inc. AAPL, -0.11% shares were down 0.3%. The tech giant on Wednesday admitted it slows down older iPhones to prevent unexpected shutdowns.
Aeterna Zentaris Inc. AEZS, +63.18% soared 89% ahead of the bell after the biotech firm late Wednesday said the U.S. Food and Drug Administration had approved the company’s Macrilen product for diagnosis of adult growth hormone deficiency.
What are other markets doing?
Asian stocks closed mixed, while European stocks SXXP, +0.08% mostly traded lower.
Oil CLG8, -0.21% and gold GCG8, -0.06% were also in the red, while the dollar index DXY, +0.08% was flat around 93.307.
Bitcoin futures BTCF8, -0.97% on the CME were down 2.4% at $16,625.
Several economic indicators ahead, including weekly jobless claims and a revision to growth domestic product, could provide some inspiration for investors later.
What are indexes doing?
Futures for the Dow Jones Industrial Average YMH8, +0.13% were up 16 points at 24,755, while those for the S&P 500 index ESH8, +0.21% gained 3.4 points to 2,685. Futures for the Nasdaq-100 index NQH8, +0.07% dropped 2.75 points to 6,486.20. The muted action mirrors the mood from Wednesday, when the S&P 500 SPX, -0.08% and Dow average DJIA, -0.11% both ended 0.1% lower and the Nasdaq Composite Index COMP, -0.04% fell 0.04%. The Three benchmarks on Monday closed at all-time highs on signs the highly anticipated tax reform would get approved before Christmas.
What’s driving the market?
The House of Representatives on Wednesday passed the tax bill, which they voted on for the second time due to a technical irregularity before. The Senate approved the reform in the early hours of Wednesday, so all there’s left now is for President Donald Trump to sign the bill into law.
Among the bill’s many features, it includes a reduction in the corporate tax rate from 35% to 21%, which is expected to give U.S. companies a boost and speed up economic growth.
What’s on the economic docket?
Weekly jobless claims are due at 8:30 a.m. Eastern Time, with economists polled by MarketWatch forecasting 230,000 Americans filed for unemployment benefits last week. That would be up from 225,000 in the week before.
Also at 8:30 a.m. Eastern, revised GDP data for the third quarter come out, along with the Chicago Fed national activity index for November and the Philly Fed manufacturing index for December.
A report on leading indicators for November is slated for release at 10 a.m. Eastern.
Which stocks are in focus?
CarMax Inc. KMX, +0.91% , Conagra Brands Inc. CAG, +0.42% and Paychex Inc. PAYX, -0.09% are slated to report earnings ahead of the bell. After the market closes, results from Nike Inc. NKE, -1.01% are on deck.
Apple Inc. AAPL, -0.11% shares were down 0.3%. The tech giant on Wednesday admitted it slows down older iPhones to prevent unexpected shutdowns.
Aeterna Zentaris Inc. AEZS, +63.18% soared 89% ahead of the bell after the biotech firm late Wednesday said the U.S. Food and Drug Administration had approved the company’s Macrilen product for diagnosis of adult growth hormone deficiency.
What are other markets doing?
Asian stocks closed mixed, while European stocks SXXP, +0.08% mostly traded lower.
Oil CLG8, -0.21% and gold GCG8, -0.06% were also in the red, while the dollar index DXY, +0.08% was flat around 93.307.
Bitcoin futures BTCF8, -0.97% on the CME were down 2.4% at $16,625.
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