Stock futures rose Thursday, a day after major equities indexes rebounded as President Donald Trump reduced tensions with European allies by backing off his threat of imposing new tariffs over Greenland.
Nasdaq 100, S&P 500, and Dow Jones Industrial Average futures were up a respective 0.8%, 0.5%, and 0.3%.
Traders are awaiting the delayed Personal Consumption Expenditures price index figures for October and November, set to be released at 10 a.m. ET today, as well as weekly jobless claims and revised third-quarter U.S. GDP data. The PCE is the Federal Reserve’s favorite measure of inflation, and their next meeting is January 27-28. However, Thursday’s report is likely to carry less weight than usual as officials decide whether to adjust the Fed’s key interest rate, as the Bureau of Economic Analysis would normally release December data at this time in January.
Ahead of the PCE data, the yield on the 10-year Treasury—which impacts interest rates on a variety of consumer loans including mortgages—was little changed from Wednesday’s close of below 4.25%. On Tuesday, the yield hit its highest closing level since Aug. 21 at 4.30%.
The tech-heavy Nasdaq, blue-chip Dow, and benchmark S&P 500 ended up about 1.2% apiece Wednesday—the day after their worst session since Oct. 10—after Trump ruled out military force in Greenland during a speech at the World Economic Forum in Davos, Switzerland, and later wrote on his Truth Social network he “will not be imposing the Tariffs that were scheduled to go into effect on February 1st” on eight NATO allies.
Chipmakers Intel (INTC) and Advanced Micro Devices (AMD), whose shares soared nearly 12% and 8%, respectively, on Wednesday, were up roughly 1% and 2% further in premarket trading. Intel is slated to report quarterly results after the close today.
All of the Magnificent Seven tech firms’ shares were about 1% to 2% higher before the bell.
GE Aerospace (GE) stock slipped about 1% after it reported quarterly results before the bell. Investors also are awaiting earnings reports from Procter & Gamble (PG) and Abbott Laboratories (ABT).
Safe-haven gold futures, which rose to a fresh all-time high of nearly $4,900 an ounce Wednesday, edged lower to $4,830 an ounce.
Bitcoin was trading around $90,000, little changed on the day. The U.S. dollar index, which tracks the value of the greenback against a basket of global currencies, ticked lower to 98.70. West Texas Intermediate crude futures, the U.S. benchmark, was down 1.7% at $59.60 a barrel.