Following the retreat observed in the previous session, stocks are poised to rebound in early trading on Thursday. Major index futures currently indicate an upward opening for the markets, with S&P 500 futures rising by 0.8 percent.
Technology stocks appear set to spearhead an early rally on Wall Street, as demonstrated by the 1.5 percent increase in Nasdaq 100 futures.
The tech sector's momentum is driven by a pre-market surge in shares of Micron Technology (MU), which are climbing by 17.4 percent.
This surge comes after Micron reported better-than-expected fiscal fourth-quarter results and provided strong fiscal first-quarter revenue guidance.
Stocks might also benefit from positive U.S. economic data, as the Labor Department reported that first-time claims for unemployment benefits unexpectedly decreased in the week ending September 21.
Initial jobless claims fell to 218,000, down 4,000 from the previous week's revised 222,000 level. Economists had anticipated an increase in jobless claims to 225,000 from the initially reported 219,000 for the prior week.
This unexpected dip brought jobless claims to their lowest level since May 18, when they hit 216,000.
Additionally, the Commerce Department reported that new orders for U.S. manufactured durable goods remained virtually unchanged in August.
Durable goods orders were flat in August following a 9.9 percent surge in July. Economists had expected a 2.6 percent decline in durable goods orders.
Excluding a drop in transportation equipment orders, durable goods orders rose by 0.5 percent in August after a slight 0.1 percent decrease in July. Economists had predicted a modest 0.1 percent increase in ex-transportation orders.
Soon after trading commences, the National Association of Realtors will release its report on pending home sales for August. Pending home sales are anticipated to jump 3.1 percent in August after a 5.5 percent decline in July.
U.S. stocks closed lower on Wednesday amid uncertainty regarding the market's near-term outlook, following recent gains that lifted the Dow and the S&P 500 to record highs. Investors evaluated the latest economic data and the central bank's rate cut trajectory.
The Dow fell by 293.47 points, or 0.7 percent, closing at 41,914.75, ending a four-session winning streak. The S&P 500 dropped 10.67 points, or 0.2 percent, to 5,722.26, while the Nasdaq gained 7.68 points, or less than 0.1 percent, finishing at 18,082.21.
In overseas trading, stock markets across the Asia-Pacific region surged higher on Thursday. Japan's Nikkei 225 Index climbed by 2.8 percent, and China's Shanghai Composite Index jumped by 3.6 percent.
Major European markets have also moved higher today. The French CAC 40 Index increased by 1.6 percent, the German DAX Index rose by 1.2 percent, and the U.K.'s FTSE 100 Index edged up by 0.2 percent.
In commodities trading, crude oil futures dropped $1.57 to $68.12 a barrel after falling $1.87 to $69.69 a barrel on Wednesday. Meanwhile, gold futures rose by $9.90 to $2,694.60 an ounce, following a $7.70 increase to $2,684.70 an ounce in the previous session.
On the currency front, the U.S. dollar is trading at 144.53 yen compared to 144.75 yen at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1152, up from yesterday's $1.1132.
