US stock futures experienced a slight uptick on Thursday, following a record close for the Dow Jones Industrial Average earlier in the week, CNBC reports.
As traders anticipate fresh economic data, Dow futures rose by 37 points, or 0.1%. Meanwhile, futures for the S&P 500 increased by approximately 0.4%, and Nasdaq 100 futures saw a rise of around 0.7%.
Investors are particularly focused on the initial weekly jobless claims and September retail sales data, set to be released at 8:30 a.m. ET. These reports are expected to provide insights into the current state of the labor market and consumer spending in the US.
The upward momentum in the markets comes on the heels of a positive day on Wall Street, where the Dow reached an all-time high following the release of strong quarterly earnings reports. Adam Crisafulli, founder of Vital Knowledge, noted on CNBC’s “Closing Bell: Overtime” that recent corporate earnings, particularly in the financial sector, suggest a favorable economic environment characterized by resilient growth and decreasing inflationary pressures.
“That, more than anything, has really helped put a bid underneath the market,” Crisafulli stated.
He added that the positive outlook has catalyzed performance in cyclical value sectors, while technology stocks have seen a slight decline in recent days.
On Wednesday, the financial sector rose by 1.2%, driven by Morgan Stanley, which reported better-than-expected profit and revenue for the third quarter, resulting in a 6.5% jump in its shares.
