This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Stock Futures Eye Rebound on ECB Stimulus, U.S. Data

NEW YORK (TheStreet) -- Stock futures were driven higher Thursday by reassuring U.S. economic numbers and the European Central Bank's commitment to economic stimulus.

The European Central Bank, as expected, cut its benchmark rate by 25 basis points to a record low 0.5%, after holding the rate at 0.75% since July 2012.

"Our monetary policy stance will remain accommodative for as long as is needed," Mario Draghi, the president of the European Central Bank, said at a press briefing.

Outplacement firm Challenger, Grey & Christmas reported early Thursday that job cuts plunged to a four-month low of 38,121 in April as the economic slowdown that began late in the third quarter has yet to result in increased downsizing.

The Labor Department reported Thursday that initial jobless claims fell 18,000 to 324,000 in the week ended April 27. The four-week moving average on initial claims also fell, down 16,000 from the previous week. On average, economists expected weekly claims to rise to 345,000 last week.

The Census Bureau said that the U.S. trade deficit shrank to $38.8 billion in March from $43.6 billion in February, compared with expectations of a reduction to $42 billion.

Futures for the S&P 500 were rising 9.5 points, or 9.15 points above fair value, to 1,586.75. Stocks closed near session lows on Wednesday after the Federal Reserve policymakers said U.S. unemployment remains "elevated" and that "fiscal policy is restraining economic growth," adding that they are prepared to increase or reduce asset purchases as needed.

General Motors (GM) was popping 3.68% to $31.32 in premarket trading after the automaker beat earnings estimates despite weaker results in North America, Asia and South America.

Facebook (FB) was rising 1.31% to $27.79 after the social networking giant said Wednesday that it earned 12 cents a share in the quarter on revenue of $1.46 billion, an increase of 38% year over year, led by strength in mobile advertising, which accounted for 30% of total advertising revenue.

Delcath Systems (DCTH) was surging 10.96% to 84 cents as the company brings its Melblez liver-tumor therapy in front of the FDA's outside experts Thursday afternoon.

On Thursday morning, the FDA was convening an independent advisory panel to dissect data on tivozanib, Aveo Oncology's ( AVEO ) experimental kidney cancer drug, and vote on whether or not to recommend the drug's approval.

Futures for the Dow Jones Industrial Average were gaining 85 points, or 84.05 points above fair value, to 14,721.. Futures for the Nasdaq were advancing 19.75 points, or 17.05 points above fair value, to 2,883.25.

In other U.S. economic releases, the Bureau of Labor Statistics said that nonfarm business labor productivity rose 0.7% in the first quarter vs. expectations of a 1.2% increase after falling by a upwardly-revised 1.7% in the fourth quarter. The agency said that unit labor costs rose 0.5% compared with expectations of a 0.7% rise after increasing by a downwardly-revised 4.4%.

The Nikkei 225 in Japan closed lower by 0.76% on Thursday.

European and Asian markets that were closed for May public holidays Wednesday re-opened mixed. The DAX in Germany was up 0.25%. The FTSE 100 in the U.K. was down 0.23%. The Hong Kong Hang Seng settled down 0.3%.

June gold futures were rising $13.30 to $1,459.50 an ounce as oil contracts for June delivery rose 50 cents to $91.53 a barrel.

The benchmark 10-year Treasury was down 3/32, raising the yield to 1.643%. The dollar was up 0.24% to $81.68 according to the U.S. dollar index.

Written by Andrea Tse in New York

>To contact the writer of this article, click here: Andrea Tse.

Stock quotes in this article: ^DJI, ^GSPC, ^IXIC, GM, FB, DCTH, AVEO 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs