On Thursday, U.S. stock futures increased setting the market on track to close the month with gains as investors looked past intermittent weakness in the tech sector turning their attention towards a U.S. tax bill and a crucial OPEC meeting. Republicans fought to secure enough votes to pass a tax-cut bill in the Senate, as the proposal progressed towards a final vote late on Thursday.
Brent crude prices increased 1.7 percent along with an OPEC meeting in Vienna where producers are anticipated to extend the supply cut deal to tighten oil supplies and drive up oil prices.
In merger news, Juniper shares increased 22 percent on Wednesday after it was reported that Nokia offered to buy Juniper. But, on Thursday its shares dropped about 8 percent in premarket trading after Nokia denied the acquisition.
On Wednesday, the Nasdaq reported its largest one-day drop in over three months, as investors dumped technology stocks for bank stocks which could profit from the rising economy and lower regulations.
Economic data contains a report regarding U.S. consumer spending, which accounts for over two-thirds of economic activity. The report indicated consumer spending is increasing 0.3 percent in October after a 1 percent increase the month prior.
The Federal Reserve’s favored inflation measure, the personal consumption expenditures price index excluding food and energy, is predicted to report a 0.2 percent increase for October, up from 0.1 percent the previous month.
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A Futures snapshot at 6:53 a.m. ET:
Dow e-minis were up 0.38 percent or 90 points, with 23,892 contracts traded.
S&P 500 e-minis were up 0.32 percent or 8.5 points, with 144,765 contracts traded.
Nasdaq 100 e-minis were up 0.33 percent or 20.75 points, with 34,866 contracts traded.