Premarket: S&P 500 Futures Slightly Higher After Better Initial Jobless Claims

Summary:

S&P 500 futures hover around the unchanged level on Thursday morning digesting yesterday’s gains as the coronavirus new infections continue to rise in the

S&P 500 futures hover around the unchanged level on Thursday morning digesting yesterday’s gains as the coronavirus new infections continue to rise in the USA as does the new hospitalizations.

The United States Initial Jobless Claims came in at 1314K, slightly below the expectations of 1375K on July 3, and 99k lower than the previous week. The Continuing Jobless Claims registered in at 18.062M also below the forecasts of 18.95M on June 26, a drop of 698k from the previous reading. The Initial Jobless Claims 4-week average reported at 1437.25K for the week of July 3 below the previous week reading of 1503.75K.

Wall Street finished higher for one more session helped by Facebook and Amazon, which ended to fresh all-time highs. The S&P 500 futures trading 0.13% higher at 3,167. The Dow Jones futures are 0.07% higher at 25,952, while the Nasdaq futures are 0.58% higher at 10,730.

In Asia, Chinese stocks continued higher for the fourth consecutive session boosted by an article in the government securities journal calling for a healthy stock rally. Nikkei 225 finished 0.40% higher at 22,529. The Shanghai Composite index ended 1.39% higher at 3,450. The Singapore Straits Times index finished 0.63% lower at 2,652. Hang Seng ended 0.31% higher at 26,210.

European Stocks Mixed

European markets trade mixed by midday. The Dax index is 1.42% higher at 12,673 boosted by strong gains after the better than expected earnings report. The CAC 40 index is 0.17% higher at 4,989. In London, the FTSE 100 is 0.57% lower at 6,121.

Crude Oil Price In Consolidation Phase

Crude oil trading mixed as the price stops for breath at two-month highs. WTI crude oil futures trade 0.17% lower at 40.77, while the Brent crude oil is 0.16% higher at $43.33.

In Forex, EURUSD continues higher for one more trading session amid USD weakness across the board, as of writing the pair is 0.16% higher at 1.1347. The British pound is 0.37% higher at 1.2656 against the greenback.