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U.S. stocks opened higher Thursday morning, as Wall Street aims to wrap up the last trading day of a tumultuous September and the final session of the third quarter, while investors await another appearance by Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen, who will testify before the House Financial Services Committee.
Sentiment was also lifted by hopes that the government will avert a shutdown as the Thursday midnight deadline approaches for funding operations.
How are stock-index futures trading?
-
The Dow Jones Industrial Average
DJIA,
-0.16%
rose 34 points, or 0.1%, to 34,412. -
The S&P 500 index
SPX,
+0.11%
rose 0.3% to 4,372, a gain of 13 points. -
The Nasdaq Composite Index
COMP,
+0.46%
climbed 0.8% to 14,623, advancing by about 112 points.
For the month, the Dow was headed for a 2.4% decline, the S&P 500 was down 3.2% and the Nasdaq Composite was off 4.3%. For the quarter, the Dow was flat, the S&P 500 was up 1.9% and the Nasdaq Composite was up 0.8%.
What’s driving the market?
Investors were getting some help from bond yields that eased again with the 10-year Treasury
TMUBMUSD10Y,
slipping 2 basis points to 1.524%. The U.S. dollar was in the spotlight as it charged higher, up 0.2% to 94.49, a level that hasn’t been seen since in around a year.
Some easing of tensions on the U.S. political front could be giving stocks a lift. As a midnight deadline nears, Washington lawmakers are planning votes Thursday on a short-term spending bill to keep the federal government operating through early December.
On the data front, the number of people who applied for U.S. unemployment benefits in late September rose to a two-month high, but much of the increase took place in California. New jobless claims paid traditionally by the states rose by 11,000 to 362,000 in the seven days ended Sept. 25, the government said Thursday.
Economists polled by The Wall Street Journal had estimated new claims would total a seasonally adjusted 330,000.
The Chicago purchasing managers index for September is expected at 9:45 a.m. Eastern Time.
And investors will hear from Fed Chairman Jerome Powell again, as he is set to testify to a House panel on COVID relief at 10 a.m. Eastern. Several other Fed officials, including Atlanta Fed President Raphael Bostic, Philadelphia Fed President Patrick Harker, Chicago Fed President Charles Evans and St. Louis Fed President James Bullard will make appearances on Thursday.
Which companies are in focus?
-
Virgin Galactic Holding Inc.
SPCE,
+13.47%
shares are up 8% in premarket trading, after the space-tourism company announced the end of an Federal Aviation Administration probe into its test flight with founder Richard Branson on board. -
CarMax Inc.
KMX,
-9.92%
shares slid 9% in premarket trading after the car retailer reported a 4% drop in second-quarter net income to $1.72 a share, which fell short of Wall Street expectations.
How are other assets trading?
-
The 10-year Treasury note
TMUBMUSD10Y,
1.536%
was yielding 1.54% little changed from its Wednesday level. - The ICE U.S. Dollar Index DXY, a measure of the currency against a basket of six major rivals, was flat, holding at 94.319, the highest level in about a year.
-
Oil futures eased back, with the U.S. benchmark
CL00,
-1.48%
dropping 1.7% to $73.49 a barrel, while international benchmark Brent
BRN00,
-1.28%
declined 1.5% to $76.97. -
In European equities, the Stoxx Europe 600 index
SXXP,
+0.17%
traded 0.2% lower and the FTSE 100 index
UKX,
-0.07%
pulled back 0.3%. In Asia, the Nikkei 225 index
NIK,
-0.31%
slipped 0.3%, the Hong Kong Hang Seng Index
HSI,
-0.36%
slipped 0.3% and China’s CSI 300 index
000300,
+0.67%
rose 0.6%.
