US equity futures are trading carefully ahead of financial reports released before this week’s Thanksgiving holiday.
Major prediction indices indicated a drop of 0.1% during the early hours.
The Commerce Department releases a second estimate of 3Q GDP. Refinitiv forecast is a seasonally adjusted annual growth rate of 2.2%. That’s slightly above the 2.0% of the first estimate, but below the 6.6% growth rate in the second quarter.
At the same time, the Labor Department came out with a new claims calculation of unemployment benefits last week. Expectations are 260,000, down another 8,000 from the previous week. Continuous claims to track the total number of unemployed workers collecting benefits are expected to slip from 47,000 to 2.033 million, reducing the epidemic.
Other reports include durable goods, income and spending, new home sales and reading consumer sentiment at the University of Michigan.
The Fed will release minutes from its October policy meeting, giving investors more details on the central bank’s plan to begin trimming bond purchases, which helped lower interest rates.
Investors are watching to see if pressure from rising inflation drives the Fed to trim its bond purchases and accelerate its plans to raise its benchmark interest rate.
In Europe, London’s FTSE added 0.6%, Germany’s DAX gained 0.1%, and France’s CAC rose 0.4%.
In Asia, Japan’s Nikkei 225 fell 1.6% after Tuesday’s national holiday. Hong Kong’s Hang Seng rose 0.1% and China’s Shanghai Composite rose 0.1%.
|Ticker||Security||The last one||Change||%|
|I: DJI||The Dow Jones average||35813.8||+194.55||+ 0.55%|
|SP500||The S&P 500||4690.7||+7.76||+ 0.17%|
|I: COMP||Nasdaq Composite Index||15775.138332||-79.62||-0.50%|
Wall Street closed a day of trading as gains in banks and energy companies increased losses elsewhere in the market. The S&P 500 manages to rise 0.2% to 4,690.70 after wandering between small gains and losses for the majority of the day.
The Dow Jones Industrial Average rose 0.5% to 35,813.80, while the Nasdaq Composite fell 0.5% to 15,775.14.
US crude oil prices rose 2.3% and wholesale gasoline rose 3.4% on Tuesday after President Biden ordered the release of 50 million barrels of oil from the nation’s strategic reserve to reduce fuel costs. The move was made with other large oil-consuming countries, including Japan.
In the current energy trade, the benchmark US crude oil rose 62 cents to $ 79.11 a barrel. Brent crude, the international standard, increased 59 cents to $ 82.92 a barrel.
The Associated Press contributed to this report.