Both the indications of a bullish global economy and the gains for Morgan Stanley pushed U.S. stock futures higher on Thursday, the day after the Dow closed above 26,000 for the first time ever.
Morgan Stanley ended earnings season for the large U.S. banks with a better-than-expected profit, driving up its shares 1.43 percent during premarket trading. Over three-quarters of the thirty-six S&P 500 companies that have reported earnings so far have topped estimates, according to data.
Strong data from China, which revealed that its economic growth picked up speed for the first time in seven years, gave world stocks on a firm support.
At 7:05 a.m. ET: Dow e-minis were up 37 points, or 0.14 percent, with 31,283 contracts traded. S&P 500 e-minis were up 3.25 points, or 0.12 percent, with 124,838 contracts traded. Nasdaq 100 e-minis were down 1.25 points, or 0.02 percent, with 30,884 contracts traded.
Republican leaders of the U.S. Congress increased their efforts to obtain the votes required to pass a temporary extension in government funding to avoid a government shutdown at the end of the week. Since the beginning of the fiscal 2018, which began on October 1, the government is operating on its third temporary government funding extension.
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Economic data includes report on December housing starts, which is anticipated to drop down to 1.275 million units from November’s reading of 1.297 million units.
Initial jobless claims were expected to have dropped 11,000 to 250,000 for the week ending January 13. Both of reports were due on Thursday at 8:30 a.m. ET.
The Federal Reserve had stated that the U.S. economy and inflation expanded at a modest-to-moderate pace from the end of November through the end last year, though wages continued to move up.
Alcoa dropped roughly 6 percent after the aluminum producer’s quarterly earnings fell short of estimates as a drought in Brazil hit bauxite production and Spain’s higher power prices increased expenses.
IBM and American Express are expected to report after the market closes.