- Futures up: Dow 0.51%, S&P 0.64%, Nasdaq 0.87%
Oct 7 (Businesshala) – US stock index futures on Thursday eased concerns of a possible government debt default in Congress after a temporary truce in the debt-limit standoff, while a slump in oil prices eased concerns of higher inflation .
Top US Senate Republican Mitch McConnell on Wednesday planned to support an extension of the federal debt limit in December, potentially heading for a historic default.
High-growth stocks including Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Microsoft Corp (MSFT.O) and Alphabet Inc (GOOGL.O) led the charge in premarket trading, up 1%. was growing between and the benchmark US 10-year Treasury yield fell to 1.2% on Thursday.
European and Asian stocks edged higher on the day after falling oil and gas prices gave investors relief from runaway inflation. US energy stocks, including Chevron Corp (CVX.N), Exxon Mobil Corp (XOM.N) and APA Corp (APA.O), declined between 0.6% and 2.1%.
Investors also awaited the release of weekly unemployment claims data, likely as 348,000 Americans filed claims for state unemployment benefits last week, compared to 362,000 in the previous week.
On Wednesday, the ADP National Employment Report showed an increase of 568,000 jobs in private payrolls in the past month. Economists polled by Businesshala had forecast job growth of 428,000
This comes ahead of more comprehensive non-farm payroll data due Friday. This is expected to strengthen the case for slowing the Fed’s asset purchases.
At 6:29 a.m., the Dow E-Minis were up 176 points, or 0.51%, the S&P 500 E-Minis was up 27.75 points, or 0.64%, and the Nasdaq 100 E-Minis was up 129 points, or 0.87%.