Stock Market Today: Dow futures look to extend rally as traders eye jobs update
How are stock-index futures trading:
S&P 500 futures are up 0.2%.
Dow Jones Industrial Average futures are gaining 0.2%.
Nasdaq 100 futures are adding 0.3%.
On Wednesday, the Dow Jones Industrial Average rose 125 points, or 0.31%, to 40,862, the S&P 500 increased 59 points, or 1.07%, to 5,554, and the Nasdaq Composite gained 370 points, or 2.17%, to 17,396.
Futures indicate stocks will start Thursday on the front foot as traders eye producer prices and jobless claims data due at 8:30 a.m. Eastern.
The positive tone continues after equities sharply reversed initial losses on Wednesday, with the S&P 500 turning a roughly 1% retreat into a similar gain by the close.
The turnaround came as traders shrugged off a slightly hotter-than-expected inflation reading that all but removed the chances of a 50 basis point rate cut by the Federal Reserve next week, and came to accept that a 25 basis point reduction was adequate.
The rebound was “led mostly by a resurgence of buying in mega cap technology stocks,” said Richard Hunter, head of markets at Interactive Investor.
“Nvidia shares rose by more than 8%, while there were gains of between 2% and 3% for the likes of Microsoft and Amazon. Elsewhere, there was also some interest in the banking sector, which for the most part finished ahead after a shaky start to the trading session.,” he added.