(Reuters) – Dow and S&P 500 stock index futures dipped on Thursday as nerves kicked in at the end of an overall strong month for stocks with investors awaiting the weekly jobless claims data, while Nasdaq futures rose after upbeat earnings from Facebook and Tesla.
FILE PHOTO: The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, U.S., April 26, 2020. REUTERS/Jeenah Moon
Historic U.S. monetary and fiscal stimulus and hopes of a revival in business activity as states reopen from lockdowns have powered a Wall Street rally in April, putting the S&P 500 .SPX on course for its best month since 1974.
All three U.S. stock indexes ended Wednesday’s session closer to all-time highs reached in February after positive partial data from a trial of Gilead Science Inc’s (GILD.O) antiviral remdesivir showed an improved recovery rate in COVID-19 patients.
Although data is likely to show weekly jobless claims stabilized after scaling record highs in March, other numbers have shown that the U.S. economy is set for its sharpest contraction since the Great Recession.
The Federal Reserve pledged on Wednesday to expand emergency programs to revive growth but dashed hopes for a fast rebound, saying the economy could feel the weight of consumer fear and social distancing for a year.
Facebook Inc (FB.O) rose 8.6% after beating analysts’ estimates for first-quarter revenue and saying it had seen “signs of stability” for ad sales in April after a plunge in March.
Electric car maker Tesla Inc (TSLA.O) gained 8.5% after posting its third straight quarterly profit, taking investors by surprise as its automaker peers were hit by a slump in consumer demand and factory shutdowns.
Investors will parse through earnings reports from American Airlines (AAL.O) and McDonald’s Corp (MCD.N), while the two remaining FAANG stocks – Apple Inc (AAPL.O) and Amazon.com (AMZN.O) – will issue results after markets close.
At 06:43 a.m. EDT, Dow e-minis 1YMcv1 were up 25 points, or 0.1%, S&P 500 e-minis EScv1 were down 2.75 points, or 0.09% and Nasdaq 100 e-minis NQcv1 were up 30.5 points, or 0.34%.
SPDR S&P 500 ETFs (SPY.P) were up 0.29%.
The S&P 500 index .SPX closed up 2.66% at 2,939.51 on Wednesday.
Reporting by C Nivedita and Shreyashi Sanyal in Bengaluru; Editing by Saumyadeb Chakrabarty