Stock futures moved higher Thursday after the S&P 500 declined for a fifth consecutive day and Wall Street evaluated the likelihood of a recession ahead.
Dow Jones Industrial Average futures added 148 points, or 0.44%. S&P 500 futures and Nasdaq 100 futures advanced 0.6% each.
Exxon rose 1% as the oil giant it lifted its buybacks, while Chevron gained on a higher capital spending budget. Tesla slumped amid reports of shortened shifts at its Shanghai factory.
“U.S. equity futures are trying to stabilize, and Treasuries are witnessing tiny profit taking, but the mood is still gloomy,” said Adam Crisafulli, founder of Vital Knowledge in a note to clients Thursday. “The problem for domestic stocks is the absence of catalysts – two inflation figures come Fri (PPI and Michigan expectations), but the real fireworks arrive next week.”
Investors’ attention has shifted toward next week’s Federal Reserve policy meeting, where the central bank is widely expected to issue a 50 basis point interest rate hike. It’s a smaller increase than the prior four rate hikes, but may do little to alleviate concerns over whether the Fed can avoid a recession next year in its attempt to squash surging prices. November’s consumer price index, due Tuesday, should also provide more clarity on the direction of inflation.
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