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U.S. stock futures moved higher ahead of the open Thursday, boosted by megacap tech stocks, signaling a potential turnaround for the indexes.
Futures tied to the S&P 500 (^GSPC) rose 0.7%, while futures on the Dow Jones Industrial Average (^DJI) rose 0.6%. Contracts on the technology-heavy Nasdaq Composite ( ^IXIC ) rose 1.1%.
The yield on the 10-year U.S. Treasury note was down 3.59 percent on Thursday morning. The dollar index weakened against the euro on Thursday, trading at $102.85.
Stocks were closed recently following the Fed officials’ speech, which indicates that further interest rate hikes will continue and may be higher for a longer period of time.
Federal Reserve Governor Christopher Waller said efforts to reach the central bank’s 2% target “could be a long fight.” Meanwhile, New York Fed President John Williams has hinted that more hikes may be needed as interest rates are “in an unlimited range.”
In the year The number of Americans who filed new jobless claims rose to 196,000 in the week ended February 4, the Labor Department said on Thursday, higher than the 190,000 expected by economists.
In limited stock movement, Disney ( DIS ) shares rose more than 6 percent Thursday morning after the company reported record earnings and announced new restructuring plans, including cutting 7,000 jobs and cutting $5.5 billion in costs.
The world’s largest entertainment company reported adjusted earnings of $0.99 a share, beating the Street estimate by $0.74 cents a share. Disney lost 2.4 million streaming subscribers. Revenue rose to $23.5 billion, versus a forecast of $23.4 billion.
“Disney is a bellwether for consumer sentiment, and double-digit quarterly revenue growth in the parks division should help calm fears of a near-term recession,” David Coach, CEO of investment research firm NewConstructs, wrote in a statement following the results in Nashville.
Shares of Alphabet ( GOOG , GOOGL ) rose 1% Thursday morning after parent Google unveiled new AI-powered features for its search, maps and Lens apps.
Affirm ( AFRM ) shares fell 19% in premarket trading after the company announced a 19% layoff. The move comes after the pay-as-you-go company posted a better-than-expected quarterly loss per share. Revenue came in at $399.6 million versus estimates of $146.9 million.
Shares of Robinhood ( HOOD ) rose 5 percent after the company reported quarterly earnings that fell short of expectations of $380 million, compared with analysts’ estimates of $389 million.
In the year Shares of Tesla ( TSLA ) rose 3 percent Thursday morning after a government report found that the fatal 2021 Tesla crash was not caused by Tesla’s advanced driver assistance feature, but by high speed.
Shares of PepsiCo ( PEP ) rose 1% before the opening bell after the snack and beverage giant posted an earnings beat, with earnings of $1.67 per share compared with analysts’ expectations of $1.65. Revenue came in at $28 billion, versus a forecast of $26.84 billion.
Additional gainers for Thursday included Kellogg ( K ), Lyft ( LYFT ) and PayPal ( PYPL ).
In corporate news, JPMorgan joins companies making changes to its workforce. The bank has reportedly laid off hundreds of mortgage workers as it seeks to add 500 small business roles over the next two years.
Looking ahead, investors will brace for Tuesday’s CPI publication, “as there is a lack of catalytic data this week,” Andrew Tyler, JP Morgan’s US market intelligence group, wrote in a note to clients. As a result, he said, “In 2022, we can be prepared for the next few trading sessions as it is a bond. [volume] It saw the biggest increase in both the CPI and the Fed days.
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Danny Romero is a Yahoo Finance reporter. Follow her on Twitter. @daniromerotv
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