RBA:CC - Walmart Earnings Propel Markets Higher
U.S. stock futures were modestly higher Thursday as Wall Street evaluated Walmart's quarterly earnings and hoped that the debt ceiling crisis would soon see a resolution.
Futures for the Dow Jones Industrials gained 17 points, or 0.1%, at 33,496.
Futures for the S&P 500 picked up 8.25 points, or 0.2% to 4,179.75.
Futures for the NASDAQ Composite hiked 34.25 points, or 0.3%, to 13,677.50.
The market was helped by a nearly 2% gain before the bell from retail giant Walmart on the back of its strong financial report. The company beat Wall Street forecasts on both earnings per share and revenue in its first quarter and raised its expectations for full-year performance.
Meanwhile, regional banks were set to build on their strong gains from the previous session. Shares of closely followed PacWest popped more 6% in pre-market trading following an 11% rally Wednesday.
House Speaker Kevin McCarthy told reporters on Wednesday that he does not believe the U.S. will default on its debt. President Joe Biden also stated in later remarks that he was confident lawmakers would come together to reach a deal and avoid a default.
Wall Street will watch out for the weekly jobless claims numbers to gauge the strength of the labor market. The Philadelphia Fed's manufacturing survey numbers for May, as well as existing home sales data for April, are also slated to be released Thursday morning.
In Japan, the Nikkei 225 gained 1.6%, while in Hong Kong, the Hang Seng jumped 0.9%.
Oil prices let go of 10 cents to $72.29 U.S. a barrel.
Gold prices flopped $6.90 to $1,978 U.S. an ounce.