MARKET SNAPSHOT: Dow Eyes 10th Day Of Gains As U.S. Stock Futures Rise On Back Of Oil Rally
23 February 2017 - 10:51AM
Dow Jones News
By Sara Sjolin, MarketWatch
S&P, Dow and Nasdaq all set to rise at the open
U.S. stock futures pointed to small gains for Wall Street on
Thursday, setting the Dow average on track to extend its
best-record setting streak in three decades.
Futures for the Dow Jones Industrial Average crept 13 points
higher, or 0.1%, to 20,761, indicating a 10th straight session of
advances for the blue-chip benchmark. On Wednesday, the Dow rose
0.2%
(http://www.marketwatch.com/story/us-stocks-on-pause-after-record-rally-with-fed-minutes-ahead-2017-02-22),
with the ninth consecutive rise also marking its longest run of
record closes since 1987.
The string of gains also marked the longest winning streak since
July 2016, when the index also rose for nine straight days. If the
Dow closes higher on Thursday, it'll be longest winning run since
March 2013, when it also went up for 10 straight days.
Futures for the S&P 500 index advanced 1.6 points, or 0.1%,
to 2,362.25 on Thursday, while those for the Nasdaq-100 index added
2.5 points, or 0.1%, to 5,353.50.
The S&P 500 and Nasdaq Composite on Wednesday both edged
lower after minutes from the Federal Reserve's meeting earlier this
month showed the central bank is comfortable with raising rates
"fairly soon"
(http://www.marketwatch.com/story/fed-minutes-show-support-for-rate-hike-fairly-soon-2017-02-22).
Oil rally: The premarket gains on Thursday came as oil prices
rallied
(http://www.marketwatch.com/story/oil-prices-regain-momentum-us-supply-data-ahead-2017-02-23)
and helped lift shares of U.S. energy giants. Crude oil climbed
1.5% to $54.38 a barrel, while Brent gained 1.5% to $56.87 a
barrel, rebounding after Wednesday's losses. Traders digested data
from the American Petroleum Institute that showed a 884,000-barrel
decline in U.S. crude supplies last week.
Official inventory data from the U.S. Energy Information
Administration will be released later on Thursday.
"Expectations are for a modest build in reserves to be posted,
but if we do see a drop, look for crude to stage a rally --
although a sustained break above $54.50 could remain something of a
challenge in the short term," said Tony Cross, market analyst for
TopTradr, in a note.
Read:Why oil experts think OPEC's U.S. headache won't go away
this year
(http://www.marketwatch.com/story/why-oil-experts-think-opecs-us-headache-wont-go-away-this-year-2017-02-20)
And:OPEC chief Barkindo plays down threat from rise in U.S. oil
output
(http://www.marketwatch.com/story/opec-chief-barkindo-plays-down-threat-from-rise-in-us-oil-output-2017-02-21)
Shares of Exxon Mobil Corp. (XOM) rose 0.4% premarket,
Chesapeake Energy Corp.(CHK) added 2.7%, Transocean Ltd. (RIG)
gained 1.6% and Marathon Oil Corp. (MRO) advanced 1%.
Stock movers: Among stock movers, shares of Tesla Inc.(TSLA)
rose 2.3% ahead of the bell after the electric-car maker late
Wednesday reported a wider-than-expected quarterly loss, but beat
sales expectations
(http://www.marketwatch.com/story/tesla-reports-wider-quarterly-loss-but-beats-sales-expectations-2017-02-22).
On a downbeat note, shares of L Brands Inc.(LB) sank 13% after
the Victoria's Secret parent late Wednesday issued a
weaker-than-forecast guidance for 2017
(http://www.marketwatch.com/story/victorias-secret-parent-shares-sink-on-weak-guidance-2017-02-22).
Hormel Foods Corp.(HRL) , Kohl's Corp.(KSS) , Kate Spade &
Co.(KATE) and AMC Entertainment Holding Inc.(AMC) could also move
after reporting earnings premarket.
Economic news: Weekly jobless claims are due at 8:30 a.m.
Eastern Time, and are expected to show a drop to 237,000 from
239,000 the previous week.
The Chicago Fed national activity index for January comes out at
the same time.
At 8:35 a.m. Eastern, Atlanta Fed President Dennis Lockhart is
expected to speak about the past 10 years at the Atlanta Federal
Reserve.
And around lunch time, Dallas Fed President Robert Kaplan
participates in a discussion at the Tarrant County Bankers
Association in Fort Worth, Texas.
See:
Other markets: Stocks in Asia closed mostly lower
(http://www.marketwatch.com/story/asian-stocks-slide-lower-after-fed-minutes-released-2017-02-22)
as investors digested the Fed minutes.
European stocks
(http://www.marketwatch.com/story/european-stocks-hunt-for-firm-direction-as-earnings-reports-pile-up-2017-02-23)
bounced between gains and losses after a string of corporate
updates.
Gold and silver posted gains, while other metals declined. The
ICE Dollar index rose 0.1% to 101.36.
(END) Dow Jones Newswires
February 23, 2017 05:36 ET (10:36 GMT)
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