Stock futures rose in overnight trading Thursday, as optimism over economic recovery grows amid strong labor market data.
Futures on the Dow Jones Industrial Average gained 123 points, or 0.36%. S&P 500 futures ticked 0.27% higher. Nasdaq-100 futures rose 0.19%.
Dow ends day more than 100 points higher amid solid jobs data, a jump in Boeing shares
The Dow Jones Industrial Average and the S&P 500 climbed on Thursday as investors cheered stronger-than-expected labor-market data.
The blue-chip index rose 141.59 points, or 0.4%, to 34,464.64.
The S&P 500 inched up 0.1% to 4,200.88.
The Nasdaq Composite ended the session flat at 13,736.28.
Shares of Boeing advanced 3.9% on optimism about an economic recovery.
Gains for the overall market were capped however, as investors lightened up on technology shares as they rotated into cyclical stocks. Microsoft, Alphabet and Apple all registered losses.
Initial jobless claims fell to 406,000, hitting a new pandemic low and much less than expected, the Labor Department reported Thursday. Economists surveyed by Dow Jones had expected a total of 425,000 Americans to have filed unemployment benefits in the week ended May 22.
In a separate report, the Commerce Department left its initial estimate on first-quarter gross domestic product unchanged at 6.4%
On Thursday, Senate Republicans unveiled their $928 billion infrastructure counteroffer to President Joe Biden’s $1.7 trillion proposal. Republicans again rejected Biden’s call to raise corporate taxes, contending they could cover infrastructure costs with funds already allocated by Congress or with transportation user fees.
Treasury Secretary Janet Yellen called on congressional leaders to step up spending, saying that inflation-adjusted spending has remained stagnant for 11 years.
Trading remained relatively muted ahead of the Memorial Day weekend.
Reference: CNBC
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