By Sara Sjolin, MarketWatch
ECB's Draghi speaks before the market open
U.S. stock futures were comfortably in positive territory
Thursday ahead of U.S. jobless claims data, as well as a news
conference from the European Central Bank.
The early move follows an upbeat session in Asia, where the
volatile Chinese markets are closed for two days.
Futures for the Dow Jones Industrial Average climbed 70 points,
or 0.4%, to 16,400, while those for the S&P 500 index added
8.15 points, or 0.4%, to 1,955.25. Futures for the Nasdaq 100 index
gained 16.25 points, or 0.4%, to 4,276.25.
The indicated advances come after all three benchmarks closed
Wednesday firmly higher
(http://www.marketwatch.com/story/dow-futures-jump-almost-100-points-as-us-stocks-look-set-for-rebound-2015-09-02),
after the Federal Reserve's Beige Book painted a more optimistic
economic picture (http://www.marketwatch.com/storyno-meta-for-guid)
of the U.S. economy than analysts had feared. The report soothed
worries about the possible impact of the slowdown in China, which
has taken a toll on markets in recent weeks.
Treasury Secretary Jacob Lew said in a CNBC interview aired
Thursday morning that he is keeping a "careful eye on market
volatility"
(http://www.marketwatch.com/story/treasurys-lew-stress-in-financial-markets-no-cause-for-immediate-concern-2015-09-03-6912647)
and looking at any related risk to the U.S. economy.
Read: As investors flee China, they should consider India
(http://www.marketwatch.com/story/as-investors-flee-china-they-should-consider-india-2015-09-02)
On Thursday, stock markets in the world's second-largest economy
were closed for China's World War II victory day parade
(http://www.marketwatch.com/story/china-to-close-stock-market-to-honor-world-war-ii-anniversary-2015-09-01),
providing "much desired respite from the economy and market that
has been at the heart of the elevated global volatility of late,"
said analysts at Accendo Markets in a note.
"Hopes [are] also rising that ECB President Draghi may signal QE
extension," they added.
The ECB kept interest rates unchanged as expected at its
policy-setting meeting, with attention now turning to Mario
Draghi's news conference at 8:30 a.m. Eastern. With a weaker
inflation outlook and a stronger euro, speculation has risen that
the central-bank boss will indicate the ECB is ready to pull the
trigger on more easing measures if necessary.
Read: 5 things to watch at Thursday's ECB meeting
(http://www.marketwatch.com/story/5-things-to-watch-at-thursdays-ecb-meeting-2015-09-02)
U.S. data: Weekly jobless claims are also due at 8:30 a.m.
Eastern and are forecast to have risen to 275,000 last week, from
271,000 the week before, according to economists polled by
MarketWatch.
At the same time, the trade deficit for July is due. It's
expected to have shrunk to $41.8 billion from $43.8 billion in June
(http://www.marketwatch.com/story/us-trade-gap-with-europe-soars-to-record-amid-greek-crisis-2015-08-05).
The ISM nonmanufacturing -- or services -- reading is slated for
10 a.m. Eastern and is predicted to come in at 58% in August, down
from 60.3% in July
(http://www.marketwatch.com/story/ism-services-index-surges-to-10-year-high-in-july-2015-08-05).
Investors and analysts are tracking data out of the U.S., trying
to gauge whether the indicators weaken or strengthen the case for
raising interest rates this month. The highlight this week is
Friday's closely watched nonfarm-payrolls report, one of the key
measures the Fed is watching as it considers a rate increase.
Movers and shakers: Ahead of the market open, Campbell Soup
Co.(CPB) reported fiscal fourth-quarter profit that beat analyst
expectations
(http://www.marketwatch.com/story/campbell-soup-beats-profit-expectations-matches-on-sales-2015-09-03).
Geron Corp.(GERN) surged 22% premarket after the biotech company
late Wednesday said the New England Journal of Medicine was going
to publish two papers showing positive results for its drug
imetelstat.
And in the banking sector, proxy advisory firm Glass Lewis &
Co. is recommending shareholders they vote against a board proposal
by Bank of America Corp.(BAC) that would let the bank's chief
executive, Brian Moynihan, keep the title of chairman. Bank of
America shares were 0.9% higher ahead of the bell.
Lannett Co. Inc.(LCI) jumped 17% premarket after the
pharmaceutical company said it'll buy UCB SA's (UCB.BT) Kremers
Urban Pharmaceuticals Inc. for $1.23 billion
(http://www.marketwatch.com/story/lannett-to-acquire-ucbs-kremers-urban-unit-2015-09-02-184854134).
Costco Wholesale Corp.(COST) could also be active after the
warehouse retailer said late Wednesday sales in stores open at
least a year grew significantly during fiscal 2015
(http://www.marketwatch.com/story/costco-same-store-sales-rose-significantly-in-2015-2015-09-03).
Other markets: Asian markets closed mostly higher
(http://www.marketwatch.com/storyno-meta-for-guid), inspiring gains
across Europe's equity benchmarks
(http://www.marketwatch.com/story/european-markets-rise-as-investors-wait-for-qe-hints-from-draghi-2015-09-03)
as well. Markets in Shanghai and Hong Kong were closed for a
two-day holiday to mark the 70th anniversary of the end of the
World War II.
Crude oil inched lower, retracing from a 1.9% gain from
Wednesday
(http://www.marketwatch.com/story/brent-back-below-50-as-oil-prices-keep-sliding-2015-09-02).
Gold also dipped, while the dollar traded mixed against other
major currencies.
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(END) Dow Jones Newswires
September 03, 2015 08:18 ET (12:18 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.