| | The major U.S. index futures are pointing to a higher opening on Thursday, with stocks likely to see some further upside after showing a strong upward move over the two previous sessions.
The markets may benefit from recent upward momentum, which has helped stocks recover after turning in one of the worst monthly performances in years in October.
Despite the strong upward move to close out the month, the Dow plunged by 5.1 percent in October, marking its biggest monthly drop since January of 2016.
Trading activity may be somewhat subdued, however, as traders may be reluctant to make significant moves ahead of the release of the Labor Department?s closely watched monthly employment report on Friday.
Employment is expected to climb by 190,000 jobs in October after rising by 134,000 jobs in September, while the unemployment rate is expected to hold at 3.7 percent.
Stocks moved mostly higher during the trading day on Wednesday, extending the strong upward move seen late in the previous session. With the gains, the major averages climbed further off the multi-month closing lows set on Monday.
The major averages pulled back well off their highs in the final hour of trading but remained firmly positive. The Dow jumped 241.12 points or 1 percent to 25,115.76, the Nasdaq soared 144.25 points or 2 percent to 7,305.90 and the S&P 500 surged up 29.11 points or 1.1 percent to 2,711.74.
The continued strength on Wall Street partly reflected a positive reaction to the latest earnings news from several big-name companies.
Auto giant General Motors (GM), eCommerce giant eBay (EBAY), and social media giant Facebook (FB) posted notable gains after reporting better than expected quarterly earnings.
Buying interest was also generated in reaction to a report from payroll processor ADP showing stronger than expected private sector job growth in the month of October.
ADP said private employment jumped by 227,000 jobs in October after surging up by a downwardly revised 218,000 jobs in September.
Economists had expected an increase of about 189,000 jobs compared to the addition of 230,000 jobs originally reported for the previous month.
The stronger than expected job growth in October reflected the biggest increase in private sector employment since a jump of 241,000 jobs in February.
The upbeat private sector jobs data has generated some optimism about the Labor Department's more closely watched monthly jobs report due to be released on Friday.
Investors were also likely doing some window dressing, picking up stocks at reduced levels after one of the worst months for the markets in years.
Computer hardware stocks turned in some of the market's best performances on the day, resulting in a 3.8 percent spike by the NYSE Arca Computer Hardware Index, The index continued to recover from the well over one-year closing low set on Monday.
Significant strength was also visible among software stocks, as reflected by the 2.8 percent jump by the Dow Jones Software Index.
Steel stocks also saw considerable strength on the day, driving the NYSE Arca Steel Index up by 2.8 percent despite the release of disappointing Chinese manufacturing data.
Networking, chemical, and banking stocks also moved notably higher, while gold and utilities stocks bucked the uptrend.
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A day ahead of the release of the more closely watched monthly jobs report, the Labor Department released a report showing a slight drop in first-time claims for U.S. unemployment benefits in the week ended October 27th.
The report said initial jobless claims edged down to 214,000, a decrease of 2,000 from the previous week?s revised level of 216,000.
Economists had expected jobless claims to come in unchanged compared to the 215,000 originally reported for the previous week.
A separate report from the Labor Department showed a slowdown in the pace of labor productivity growth in the third quarter.
The Labor Department said labor productivity climbed by 2.2 percent in the third quarter after jumping by 3.0 percent in the second quarter. Economists had expected productivity to increase by about 2.0 percent.
Meanwhile, the report said unit labor costs surged up by 1.2 percent in the third quarter after slumping by 1.0 percent in the second quarter. The rebound in labor costs matched economist estimates.
At 10 am ET, the Institute for Supply Management is scheduled to release its report on manufacturing activity in the month of October.
The ISM?s purchasing managers index is expected to dip to 59.0 in October after falling to 59.8 in September, although a reading above 50 would still indicate growth in the manufacturing sector.
The Commerce Department is also due to release its report on construction spending in the month of September at 10 am ET. Construction spending is expected to inch up by 0.1 percent for the second straight month.
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Shares of Newfield Exploration (NFX) are seeing significant pre-market strength after the oil and gas company agreed to be acquired by Canada?s Encana (ECA) in an all-stock transaction valued at approximately $5.5 billion.
Chemicals giant DowDuPont (DWDP) is also moving notably higher in pre-market trading after reporting better than expected third quarter earnings and announcing a new $3 billion stock buyback.
Shares of Cigna (CI) may also move to the upside after the health insurer reported third quarter results that exceeded analyst estimates on both the top and bottom lines.
On the other hand, shares of HanesBrands (HBI) are likely to see initial weakness after the apparel maker reported third quarter earnings that matched analyst estimates but weaker than expected revenues. HanesBrands also provided disappointing full-year guidance.
Mattress retailer Tempur Sealy (TPX) may also come under pressure after reporting third quarter results that missed analyst estimates and lowering its full-year adjusted EBITDA guidance.
Shares of Marathon Petroleum (MPC) may also move to the downside after the refiner reported weaker than expected third quarter earnings. | | | | | Become a Shareholder in High Times The Original Voice of Cannabis. Join our investor community and help shape the emerging cannabis industry.
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European stocks have moved mostly higher on Thursday and the dollar has dipped against the euro and pound on a report the U.K. and the European Union clinched a tentative deal that would grant U.K. companies continued access to European markets after Brexit.
The U.K. and EU negotiators entered into a tentative deal on all aspects of a future partnership on services as well as the exchange of data, the Times reported.
Swiss Re has advanced after the reinsurer reported net income of $1.1 billion for the first nine months of 2018 compared to a loss of $468 million for the same period a year ago.
Mining giant BHP Billiton has also moved notably higher after announcing a share buyback and special dividend.
BT Group shares have also jumped. After reporting an increase in first-half earnings, the broadband company said it expects full-year EBITDA to be at the upper end of range.
Dutch bank ING has also jumped after reporting encouraging earnings results on an underlying basis. ASM International has soared after issuing a bullish outlook.
On the other hand, investment bank Credit Suisse has tumbled after posting weaker than expected third quarter earnings.
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Asian stocks ended mixed on Thursday, as investors react to the latest corporate earnings results, upbeat private-sector job growth data from the U.S. and disappointing Chinese data.
Gold prices recovered on a softer dollar, while oil extended losses after data from U.S. Energy Information Administration showed crude stockpiles rose for a sixth straight week.
Chinese shares ended slightly higher as hints of more stimulus helped outweigh disappointing data. The State Council, China's Cabinet, said there was a need for "timely countermeasures" and that "some policy effects needs to be further released".
The assurance came as survey data from IHS Markit showed that China's manufacturing sector expanded only slightly in October.
The Caixin Purchasing Managers' Index came in at 50.1 in October versus 50.0 in September, as output remained broadly unchanged amid marginal increase in new business.
The benchmark Shanghai Composite Index inched up 3.45 points or 0.1 percent to 2,606.24, while Hong Kong's Hang Seng Index jumped 436.31 points or 1.8 percent to 25,416.00.
Meanwhile, Japanese shares fell after two straight days of gains. The Nikkei 225 Index ended down 232.81 points or 1.1 percent at 21,687.65, while the broader Topix Index closed 0.9 percent lower at 1,632.05.
Large-cap mobile phone companies fell, with NTT Docomo plunging 14.7 percent after announcing it would lower mobile-phone fees amid competition. KDDI Corp. plunged 16.2 percent and SoftBank Group tumbled 8.2 percent.
Panasonic Corp declined 5.6 percent after reporting a 15 percent drop in operating profit for the September quarter.
On the other hand, eCommerce giant Rakuten jumped 3 percent on a Nikkei report that the firm will team up with KDDI on mobile phone payments.
Australian markets started the month on a positive note, with mining companies and financials pacing the gainers. The benchmark S&P/ASX 200 Index rose 10.50 points or 0.2 percent to 5,840.80, while the broader All Ordinaries Index ended up 0.2 percent at 5,925.90.
BHP Billiton, the world's biggest miner, rallied 2.8 percent after announcing an off-market share buyback. Wealth manager AMP jumped nearly 7 percent amid the buzz that investment bank Macquarie Group is mulling a takeover of the embattled firm.
Energy stocks succumbed to selling pressure, with Origin Energy, Santos and Woodside Petroleum falling around 1 percent as oil extended losses from the previous session.
On the economic front, the latest survey from the Australian Industry Group revealed that Australia's manufacturing sector continued to expand in October, albeit at a slightly slower rate, with a Performance of Manufacturing Index score of 58.3, down from 59.0.
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Crude oil futures are slipping $0.24 to $65.07 a barrel after sliding $0.87 to $65.31 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,230.80, up $15.80 compared to the previous session?s close of $1,215. On Wednesday, gold fell $10.30.
On the currency front, the U.S. dollar is trading at 112.81 yen compared to the 112.94 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1397 compared to yesterday?s $1.1312.
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