More gains expected at stocks’ open

NEW YORK (CNNMoney.com) — U.S. stocks appeared to be carrying some positive momentum approaching Thursday’s open, a day after a rebound in the energy sector led to solid gains.

Dow Jones industrial average, Nasdaq and S&P 500 futures were higher.

Futures measure current index values against perceived future performance.

On Wednesday, stocks bounced back from the previous day’s sell-off as energy issues rallied. The Dow Jones industrial average gained 225 points, while the S&P 500 and Nasdaq composite each rose more than 2.5%.

Economy: Two labor market reports come out before the market open, ahead of Friday’s big non-farm payrolls report from the federal government.

The weekly jobless claims tally is due from the Department of Labor. According to economists surveyed by Briefing.com, 455,000 Americans are expected to have filed new claims for unemployment versus 460,000 last week.

Payroll services firm ADP is expected to report that employers added 60,000 private-sector jobs in May after a 32,000 gain in April.

Also due Thursday are the Institute for Supply Management’s services sector index for May, and government readings on first-quarter productivity and unit labor costs.

On Friday, the government is expected to report that employers added 500,000 jobs in May after expanding payrolls by 290,000 jobs the month before. The unemployment rate is forecast to ease slightly to 9.8% from 9.9%.

World markets: In Asia, Japan’s Nikkei index rallied 3.2%. Hong Kong’s Hang Seng index gained 1.6%.

European markets were higher in morning trade. London’s FTSE 100 and Frankfurt’s DAX each rallied 1.8%, and Paris’ CAC 40 was nearly 2.3% higher.

Dollar and commodities: The dollar retreated against the euro and the British pound, but it was up versus the Japanese yen.

U.S. light crude oil for July delivery added 64 cents to $73.50 a barrel.

COMEX gold’s August contract fell $2.50 to $1,220.10 per ounce.

Bonds: Treasury prices were lower, pushing the benchmark 10-year note’s yield up to 3.37% from 3.34% late Tuesday. Bond prices and yields move in opposite directions. 

 

Source file CNN Money.com