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U.S. futures mostly point higher ahead of crucial U.S. GDP data

Published 26/01/2023, 11:46 pm
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By Scott Kanowsky

Investing.com -- Wall Street futures mostly gained on Thursday as investors looked ahead to the release of key U.S. economic data and examined a fresh set of corporate results.

At 06:55 ET (11:55 GMT), S&P 500 futures traded 7 points, or 0.19% higher, and Nasdaq 100 futures edged up 67 points, or 0.56%. The Dow futures contract lagged, dropping 28 points, or 0.08%.

The indexes finished the previous session mixed following a choppy series of company earnings. The Dow Jones Industrial Average rose by 0.03% and the tech-heavy Nasdaq Composite inched down 0.18%, while the S&P 500 closed broadly flat.

U.S. equities are receiving a strong handover from Asia, where stocks touched a fresh seven-month peak following the resumption of dealmaking in Hong Kong after a three-day holiday for Lunar New Year celebrations. The MSCI's broadest index of Asia-Pacific shares also rallied, adding on to a buoyant start to 2023 that has been fueled by hopes of a slowdown in U.S. Federal Reserve interest rate hikes and a recovery in the Chinese economy following the sudden relaxation of COVID-19 rules in the country.

Stocks in Europe also gained slightly, with the regional STOXX 600 adding 0.41%.

Attention will turn later in the day to the release of key preliminary fourth-quarter U.S. gross domestic product figures. Economists expect growth in the world's largest economy decelerated to 2.6% from 3.2% in the prior three-month period.

In the backdrop ahead of the opening bell in New York were results from Tesla Inc (NASDAQ:TSLA). Chief executive officer Elon Musk issued an upbeat outlook for the year, citing the success of recent price cuts in stoking demand for the company's electric vehicles.

His comments on a conference call suggested deliveries of 1.8 million cars this year, which would represent growth of some 37% from 2022 – below the company’s 50% target. While production of its pickup truck is set to start later this year, high-volume output won’t start until 2024, Musk said.

Shares in Tesla surged by 7% in premarket trading.

Elsewhere, several companies are reporting their latest earnings today, including Comcast Corp (NASDAQ:CMCSA), Mastercard Inc (NYSE:MA), and Blackstone Group Inc (NYSE:BX), as well as Visa Inc (NYSE:V) and Intel Corp (NASDAQ:INTC) after the close.

In energy markets, hopes for a solid Chinese rebound in demand as well as a weaker dollar, were in focus for traders. By 07:12 ET, U.S. crude futures were 1.02% higher at $80.97 a barrel, while the Brent contract rose by 0.88% to $86.88 per barrel.

Additionally, gold futures edged down 0.37% to $1,935.35/oz, while EUR/USD was lower by 0.20% at 1.0893.

 
 
 
 

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