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Traders may look to cash in on the substantial rally seen on Wednesday, when the Dow recorded its biggest single-day point gain in history.
The upward move may have been exaggerated by light volume in post-holiday trading, inspiring traders to quickly pull out of their positions.
Lingering concerns about the global economic outlook and the ongoing government shutdown may also contribute to a pullback on Wall Street.
While the Senate is expected to reconvene later today after adjourning for Christmas, the government shutdown seems likely to continue as President Donald Trump and Democratic lawmakers remain at an impasse over border wall funding.
Following the sell-off seen in recent sessions, stocks showed a significant rebound over the course of the trading day on Wednesday. The major averages fluctuated early in the session but moved sharply higher as the day progressed.
Going into the close, the major averages saw further upside, reaching new highs for the session. The Dow soared 1,086.25 or 5 percent to 22,878.45, the Nasdaq spiked 361.44 points or 5.8 percent to 6,554.36 and the S&P 500 surged up 116.60 points or 5 percent to 2,467.70.
Bargain hunting contributed to the rally on Wall Street, with traders picking up stocks at reduced levels on the heels of recent weakness.
The continued sell-off seen in a holiday-shortened session on Monday dragged the major averages down to their lowest closing levels in well over a year.
The extent of the upward move may have been exaggerated by below average volume, however, as many traders remained away from their desks after the Christmas Day holiday on Tuesday.
A lack of major U.S. economic data also kept traders on the sidelines, although reports on new home sales, consumer confidence, and pending home sales may attract attention in the coming days.
Positive sentiment may have been generated by members of President Donald Trump's administration continuing to downplay reports the president has privately discussed firing Federal Reserve Chairman Jerome Powell.
White House Council of Economic Advisers Chairman Kevin Hassett told reporters that Powell's job is "100 percent" safe.
Asked if he meant the Fed Chairman's job is not in jeopardy by the president, Hassett added, "Absolutely. That's correct."
The comments from Hassett come after Treasury Secretary Steven Mnuchin also disputed the reports in a post on Twitter on Saturday, claiming Trump disagrees with the Fed's policy but never suggested firing Powell.
Meanwhile, the partial government continued, with Trump stating the government will not reopen until Democrats agree to fund his controversial border wall.
Rebounding following a recent sell-off, energy stocks showed a substantial move back to the upside along with the price of crude oil.
Reflecting the strength in the energy sector, the NYSE Arca Natural Gas Index soared by 7.7 percent, while the Philadelphia Oil Service Index and the NYSE Arca Oil Index and the surged up by 6.5 percent and 6.4 percent, respectively.
Significant strength was also visible among retail stocks, as reflected by the 6.9 percent jump by the Dow Jones Retail Index. The index rebounded after ending the previous session at its lowest closing level in a year.
The rebound by retail stocks came after data released by Mastercard (MA) showed U.S. holiday retail sales recorded the strongest growth in six years.
Software, biotechnology, semiconductor, and transportation stocks also saw considerable strength, moving higher along with most of the other major sectors.
Meanwhile, gold stocks were among the few groups to buck the uptrend, with the NYSE Arca Gold Bugs Index falling by 1.2 percent.
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First-time claims for U.S. unemployment benefits edged slightly lower in the week ended December 22nd, according to a report released by the Labor Department.
The report said initial jobless claims slipped to 216,000, a decrease of 1,000 from the previous week?s revised level of 217,000.
Economists had expected jobless claims to inch up to 217,000 from the 214,000 originally reported for the previous week.
At 10 am ET, the Conference Board is due to release its report on consumer confidence in the month of December. The consumer confidence index is expected to drop to 134.0 in December after falling to 135.7 in November.
At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $32 billion worth of seven-year notes.
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Shares of JPMorgan Chase (JPM) are moving notably lower in pre-market trading after the SEC said the financial giant will pay more than $135 million to settle charges of improper handling of ?pre-released? American Depositary Receipts.
Credit card giant Visa (V) may also see initial weakness after offering to buy British payments firm Earthport for approximately $250.6 million.
Shares of Nvidia (NVDA) could also move to the downside after RBC Capital lowered its price target on the graphics chip maker?s stock to $200 per share from $230 per share.
On the other hand, shares of CBS Corp. (CBS) may open higher after Loop Capital reiterated a Buy rating on the mass media company?s stock. | | | | | 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 markets have drifted lower on Thursday on rising concerns about the outlook for global economic growth and the impact of a partial U.S. government shutdown.
Worries that the U.S. and China may not agree on a long-term trade deal anytime in the foreseeable future also appear to be forcing investors to shun riskier assets.
While the French CAC 40 Index has dipped by 0.3 percent, the U.K.?s FTSE 100 Index is down by 1.2 percent and the German DAX Index is down by 2 percent.
European stocks opened mostly higher, but faltered swiftly, tracking a drop in U.S. futures following the rally seen in the previous session.
Initially, markets reacted positively to news that members of President Donald Trump's administration continue to downplay reports the president has privately discussed firing Federal Reserve Chairman Jerome Powell.
White House Council of Economic Advisers Chairman Kevin Hassett told reporters that Powell's job is "100 percent" safe.
However, with worries about the global economy, the government shutdown and crude oil's plunge weighing on sentiment, stocks have turned mostly lower.
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Asian markets moved mostly higher on Thursday, tracking positive cues from Wall Street, where the major averages had one of their best sessions in recent times. However, Chinese stocks bucked the uptrend due to trade tensions.
After suffering a severe setback on Christmas Eve, U.S. stocks rallied overnight, with traders indulging in hectic bargain hunting.
Easing worries about the tenure of Federal Reserve Chairman Jerome Powell and a strong rebound in crude oil prices aided sentiment.
The Japanese market rose sharply, extending gains for a second consecutive session. The benchmark Nikkei 225 Index skyrocketed 750.56 points or 3.9 percent to 20,077.62.
Banking, chemicals, foods, insurance, mining, metals, oil, pharma, automobile and energy stocks were all in demand.
Mizuho Financial, Mitsubishi UFJ Financial, Yahoo Japan, JX Holdings and Sumco Corp. posted standout gains on strong volumes.
Chiyoda Corp. gained over 10 percent, and Showa Shell KK, Shiseido and Yamoto Holdings moved up by 7.5 to 8 percent.
In the Australian market, the S&P/ASX 200 Index jumped 1.9 percent and the broader All Ordinaries Index surged up 1.8 percent.
Shares from the consumer durables, financial, energy, healthcare, industrials, information technology, mining and utilities sectors rallied sharply.
Ausdrill, Bellamys Australia, Afterpay Touch, Wisetech Global and Appen Ltd. shares gained 5 percent to 7.4 percent. On the other hand, Speedcast International, Healthscope and Unibail Rodamco Westfield closed lower.
Meanwhile, Chinese stocks moved to the downside, led by losses in the technology, gas and multi-utilities sectors. Disappointing data on the country's industrial profits, due to lower sales growth and rising costs, dragged the market down. The Shanghai Composite Index declined by 0.6 percent to a 3-year low.
Technology stock Suzhou Keda Technology shed 10 percent and Nanjing Textiles Import & Export Corp. lost over 9 percent.
At the same time, shares of Wintime Energy Co. climbed up over 10 percent. Eastern Communications, another big gainer, also moved up 10 percent.
Hong Kong's Hang Seng ended lower by 0.9 percent at 25,429.00. While shares from the IT hardware sector moved higher, those from utilities, properties, finance and healthcare sectors declined.
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Crude oil futures are sliding $0.39 to $45.83 a barrel after soaring $3.69 to $46.22 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,277.80, up $4.80 compared to the previous session?s close of $1,273. On Wednesday, gold rose $1.20.
On the currency front, the U.S. dollar is trading at 110.76 yen compared to the 111.37 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1396 compared to yesterday?s $1.1353.
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