On Thursday, U.S. stock futures were set for a dismal opening with tech stocks embracing humble gains as investors changed their focus to the progression of the tax bill and General Electric’s job cuts.
During premarket trading, GE shares rose 0.6 percent to $17.76, after the struggling company stated it will be cutting 12,000 jobs at its global power business.
Shares of tech giants Apple Inc, Alphabet Inc, Amazon.com Inc, Facebook Inc, Microsoft Corp, were all up between 0.3 percent and 0.6 percent. Another early mover was Broadcom, with a gain of 5 percent after reporting positive profits and improving its dividend by 72 percent, shortly after the chipmaker took its $103 billion bid for Qualcomm adversely. Lululemon Athletica gained 8 percent after apparel maker revealed a higher-than-expected profit and provided a positive holiday-quarter forecast.
On Wednesday, the U.S. Senate Republicans agreed to discussions regarding the tax bill with the House of Representatives, among early indications that lawmakers may approve on a final bill prior to the December 22nd deadline. Yet, a stalemate between President Donald Trump and Congress regarding the passage of fresh spending legislation prior to Friday has produced the concern of a partial federal government shutdown.
Oil prices increased over a half a percent following its 2 percent drop on Wednesday as a decrease in U.S. crude inventories was offset by elevated output and an increase in fuel stocks.
Data is anticipated to reveal weekly initial claims for state unemployment benefits increased from 238,000 to 240,000 in the previous week. The report is due 8:30 a.m. ET.
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Futures snapshot at 6:51 a.m. ET:
Dow e-minis were down 0.05 percent or 13 points, with 19,224 contracts traded.
S&P 500 e-minis were up 0.06 percent or 1.5 points, with 122,705 contracts traded.
Nasdaq 100 e-minis were up 0.25 percent or 15.75 points, with 29,337 contracts traded.