After a period of relatively stable activity, stocks are expected to rise in the early trading session this Thursday. According to major index futures, the indicators predict a positive market opening with S&P 500 futures currently rising by 0.4%.
The forecast solidified following the release of a report from the Labor Department, which indicated that US unemployment benefits claims had increased more than anticipated for the week ending March 30th. Initial jobless claims amounted to 221,000, a rise of 9,000 from the week prior's revised figure of 212,000. Market observers previously estimated a slight climb to 214,000 from the initially reported 210,000.
With the substantial increase, jobless claims have reached their highest level since peaking at 225,000 at the end of January. This trend could stimulate positive sentiment regarding interest rates. However, investors might remain cautious before the unveiling of the more scrutinized, monthly jobs report due on Friday. Economists project an employment surge of 200,000 jobs in March, following a jump of 275,000 in February. The unemployment rate is anticipated to remain at 3.9%.
Additionally, the Commerce Department released a report revealing an unexpected broadening of the US trade deficit in February, growing to $68.9 billion from January's revised $67.6 billion. Economists had anticipated a narrowing to $67.0 billion from the initially reported $67.4 billion in the prior month. The report attributed this to a sharp rise in imports by 2.2% to $331.9 billion and a notable increase in exports by 2.3% to $263.0 billion.
On Wednesday, stocks recoiled from an initial dip and remained predominantly positive throughout the trading session. However, buying interest slackened towards the day's end, resulting in the major averages closing the day marginally mixed. Although the Dow fell slightly by 43.10 points or 0.1% to 39,127.14, marking its third consecutive lower closing, the S&P 500 marginally rose by 5.68 points or 0.1% to 5,211.49, and the Nasdaq climbed 37.00 points or 0.2% to 16,277.46.
In the Asia-Pacific region, most stock markets experienced upward trajectories on Thursday, despite markets in China and Hong Kong being closed for a holiday. Japan's Nikkei 225 Index advanced by 0.8%, while South Korea's Kospi rose by 1.3%. European markets, however, exhibited mixed performance: France's CAC 40 Index fell by 0.1%, while Germany's DAX Index and the UK's FTSE 100 Index climbed by 0.1% and 0.4% respectively.
In commodities, crude oil futures are dipping $0.23 to $85.20 a barrel following Wednesday's rise of $0.28 to $85.43 a barrel. Conversely, after a previous day's surge of $33.20 to $2,315 an ounce, gold futures are now declining by $9.30, standing at $2,305.70 an ounce.
In currency performance, the US dollar is trading at 151.67 yen, marginally below the 151.70 yen closing rate in New York on Wednesday. Against the euro, the dollar is currently valued at $1.0862, higher than Wednesday's $1.0836.
