Stocks are likely to move to the upside in early trading on Thursday, adding to the gains posted during yesterday’s volatile session. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.6 percent.
The upward momentum on Wall Street comes after President Donald Trump indicated he will announce a U.S.-U.K. trade deal during a press conference in the Oval Office this morning.
“The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come,” Trump said in a post on Truth Social.
“Because of our long time history and allegiance together, it is a great honor to have the United Kingdom as our FIRST announcement,” he added. “Many other deals, which are in serious stages of negotiation, to follow!”
The announcement may help further ease uncertainty about trade following yesterday’s news that Treasury Secretary Scott Bessent will meet with China’s lead representative on economic matters during a trip to Switzerland.
In U.S. economic news, a report released by the Labor Department showed first-time claims for U.S. unemployment benefits saw a modest decline in the week ended May 3rd.
The report said initial jobless claims dipped to 228,000, a decrease of 13,000 from the previous week’s unrevised level of 241,000. Economists had expected jobless claims to slip to 230,000.
Meanwhile, the Labor Department said the less volatile four-week moving average inched up to 227,000, an increase of 1,000 from the previous week’s unrevised average of 226,000.
The Labor Department also released a separate report showing a pullback by U.S. labor productivity in the first quarter of 2025 along with a sharp increase by unit labor costs.
After moving mostly lower over the two previous sessions, stocks saw considerable volatility over the course of the trading day on Wednesday. The major averages swung back and forth across the unchanged, particularly in the latter part of the session.
The major averages eventually ended the day in positive territory. The Dow advanced 284.97 points or 0.7 percent to 41,113.79, the S&P 500 climbed 24.37 points or 0.4 percent to 5,631.28 and the Nasdaq rose 48.50 points or 0.3 percent to 17,738.16.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Thursday. Japan’s Nikkei 225 Index climbed by 0.4 percent, while China’s Shanghai Composite Index rose by 0.3 percent.
The major European markets have also moved to the upside on the day. While the U.K.’s FTSE 100 Index is up by 0.3 percent, the German DAX Index and the French CAC 40 Index are up by 1.1 percent and 1.2 percent, respectively.
In commodities trading, crude oil futures are jumping $1.10 to $59.17 a barrel after tumbling $1.02 to $58.07 a barrel on Wednesday. Meanwhile, after slumping $30.90 to $3,391.90 an ounce in the previous session, gold futures are plunging $35.40 to $3,356.50 an ounce.
On the currency front, the U.S. dollar is trading at 144.65 yen versus the 143.83 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1311 compared to yesterday’s $1.1301.
Business News
Futures Pointing To Initial Strength On Wall Street
2025-05-08 12:53:05
