U.S. stocks were poised for a higher open Thursday, with the Dow
industrials on track to rebound from their largest one-day loss in
nearly a month.
S&P 500 futures rose seven points, or 0.3%, to 2106. E-mini
Dow futures gained 63 points, or 0.4%, to 17947, and e-mini
Nasdaq-100 futures advanced 16 points, or 0.4%, to 4532. Changes in
stock futures don't always accurately predict moves in the stock
market after the opening bell.
In Europe, Germany's DAX added 0.2% and France's CAC-40 was up
less than 0.1%. Investors continued to focus on developments in
Greece's bailout talks. Eurozone finance ministers were checking
documents laying out a possible financing deal for Greece on
Thursday. Without a deal, Greece is set to default on a June 30
payment to the International Monetary Fund.
U.S. stocks slipped Wednesday amid worries over Greece's debt
negotiations. The Dow fell 1% to 17966.07 and the S&P 500 lost
0.7% to 2108.58.
For the year, the Dow has added 0.8% and the S&P has gained
2.4%, through Wednesday's close. The Nasdaq Composite has surged
8.2% in the same period.
Several economic reports are scheduled for release Thursday
morning. Consumer spending is expected to rise 0.7% in May,
according to economists surveyed by The Wall Street Journal.
Separately, jobless claims in the most recent week are expected to
rise to 273,000 from 267,000 in the previous period. The Federal
Reserve's preferred inflation gauge, the price index for personal
consumption expenditures, is also due.
While economic reports have been mixed this year, the economy is
on track for improvement in the longer run, said Kim Forrest,
senior equity analyst at Fort Pitt Capital Group, which manages
$1.8 billion. She said she's looking to buy more technology and
industrial companies.
"The economy continues to get better and these areas should
benefit as capex goes up," said Ms. Forrest. "Tech gets a boost
when more people are hired. At the very least you have to add some
infrastructure to support them," she added.
In commodity markets, gold futures were flat at $1172.86 an
ounce. Crude-oil futures were down 0.4% to $60.05 a barrel.
The yield on the 10-year Treasury rose to 2.391% from 2.371% on
Wednesday. Yields rise as prices fall.
In corporate news, rare-earths miner Molycorp Inc. shares fell
36% premarket after it filed for bankruptcy protection
Thursday.
Write to Saumya Vaishampayan at saumya.vaishampayan@wsj.com and
Austen Hufford at austen.hufford@wsj.com
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