U.S. stock futures nudged higher early Thursday as Wall Street looked to build on a solid March following the rollout of President Joe Biden's infrastructure plan.
Futures for the Dow Jones Industrials gained 15 points, or 0.1%, to 32,913.
Futures for the S&P advanced 12 points or 0.3%, to 3,979.50.
Futures for the NASDAQ Composite index hiked 121.25 points, or 0.9%, to 13,211 Thursday.
The move in futures came after Biden introduced his multitrillion-dollar infrastructure proposal. The plan includes spending on roads and bridges as well as green energy and water system upgrades.
The stock market will be closed for the Good Friday holiday.
This marks the second major spending push of Biden's presidency after he signed a $1.9 trillion relief and stimulus bill on March 11.
Microsoft shares rose 1.2% in pre-market trading on news that the software giant will deliver to the U.S. Army more than 120,000 devices based on its HoloLens augmented reality headset. The contract will be worth $21.9 billion over 10 years.
In deal news, Micron Technology and Western Digital are said to be exploring a deal to buy Japanese semiconductor firm Kioxia for about $30 billion, according to a Wall Street Journal report. Micron shares jumped 3.8% premarket on the news, while Western Digital was up about 0.5%.
Micron Technology and Western Digital are individually exploring a potential deal for Kioxia that could value the Japanese semiconductor firm at around $30 billion, The Wall Street Journal reported on Wednesday, citing people familiar with the matter.
Tech stocks outperformed industrial and construction names on Wednesday despite details of plan rolling out, a possible sign that the increased funding has been priced in by the market. Recovery and cyclical stocks have performed well since the start of the year as investors grew more optimistic about government spending and COVID vaccinations.
On the earnings front, shares of Micron rose in extended trading after the chipmaker beat expectations on the top and bottom lines for its second-quarter report.
Thursday morning is set to bring a heavy dose of economic news, with weekly jobless claims data from the U.S. Labor Department, and manufacturing and construction reports slated for release. Economists surveyed by Dow Jones estimate 674,000 initial jobless claims were filed in the most recent week, which would be a slight decline from the prior week.
Overseas, in Japan, the Nikkei 225 jumped 0.2% Thursday, while in Hong Kong, the Hang Seng barreled ahead 2%.
Oil prices were up 33 cents to $59.49 U.S. a barrel.
Gold prices sank $1.90 to $1713.70 U.S.