Dow futures rise about 140 points Thursday evening as stock-market bulls brace for final test of week from Friday jobs report
U.S. stock-index futures climbed higher Thursday evening in light trading as investors readied for another test of the bullish momentum that has produced gains in two of the past three sessions for the S&P 500 and the Dow, powered by rallies in energy and technology-related firms. However, the market will have to overcome Friday’s jobs report, which will underscore the depth of the impact of the COVID-19 pandemic on the American economy. Thus far, the market has blown past Thursday’s weekly jobless claims report, which showed that 3.2 million jobs were lost in April, bringing the total seeking jobless benefits in the U.S. over the past six weeks to 33 million, or approximately one out of every five eligible workers. Friday’s nonfarm-payrolls report is expected to show that unemployment hit double-digits, with levels likely to exceed those of the 2008-09 financial crisis. Futures for the Dow Jones Industrial Average were up 140 points, or 0.6% at 23,981, those for the S&P 500 index gained 0.6% at 2,896.75, while Nasdaq-100 futures picked up 0.5% at 9,156. During Thursday’s regular session, the Dow ended 211.25 points, or 0.9%, higher, at 23,875.89, off its intraday high at 24,094.62, while the S&P 500 added 32.77 points, or 1.2%, to close at 2,881.19, led by a 2.5% rally in the energy sector [s:XX: SP500.10] and a 2.2% climb in financials [s:XX: SP500.40]. The Nasdaq Composite Index wrapped up at 8,979.66, up 125.27 points, or 1.4%, notching a 0.08% year-to-date advance, erasing its losses for 2020. In corporate news, Dropbox Inc. notched its first quarterly profit since its debut as a publicly traded company in 2018, and Uber Technologies reported first-quarter results that revealed weakness in its ride-hailing business but a surge in its food-delivery segment.