NEW YORK ( TheStreet) -- Stock futures were pointing to a higher open on Wall Street Thursday as overseas markets and commodities rose on fresh buying action triggered by upbeat China trade data in what is expected to be a relatively light day for macro and big earnings headlines.
The world's second largest economy reported a strong rebound in exports in December, which reached a seven-month high. Imports in the period rose at a rate that was double what was anticipated.
The China news offset data showing a rise in U.S. weekly initial jobless claims.
Futures for the Dow Jones Industrial Average were rising 47 points, or 47.49 points above fair value, at 13,372. Futures for the S&P 500 were up 7.75 points, or 7.98 points above fair value, at 1463. Futures for the Nasdaq were up 18.75 points, or 19.35 points above fair value, at 2740.Apple (AAPL) CEO Tim Cook met with China Mobile's Chairman Xi Guohua on Thursday to discuss "matters of cooperation," according to Reuters. Shares were popping more than 1.5%. Earnings season will continue in earnest next week with many big-name bank earnings. Wells Fargo (WFC) will report this Friday. Major U.S. stock averages recorded firm gains Wednesday after Alcoa (AA) ushered in the earnings season with stronger-than-expected revenue. The Labor Department reported Thursday that initial jobless claims for the week ended Jan. 5 rose by 4,000 to 371,000, from the prior week's downwardly revised figure of 367,000. Economists were expecting claims to come in at 365,000 Continuing claims for the week ended Dec. 29 was at 3.109 million, a decrease of 127,000 from the preceding week's downwardly revised level of 3.236 million. On average, expectations were for continuing claims of 3.23 million. The Census Bureau is forecast to say at 10 a.m. that wholesale inventories rose 0.3% in November after increasing 0.6% in October. Overseas, the European Central Bank stood pat on interest rates for the sixth straight month Thursday, as expected. The Bank of England also met expectations by keeping interest rates unchanged. After the ECB meeting, the central bank's president Mario Draghi was expected to be asked questions on the issue of negative deposit rates and the activation of the Outright Monetary Transactions bond-buying program. Gold for February delivery was rising Thursday by $6.20 to $1,661.70 an ounce at the Comex division of the New York Mercantile Exchange, while February crude oil contracts were up $1.30 at $94.40 a barrel. The benchmark 10-year Treasury was sliding by 4/32, raising the yield to 1.878%. The dollar was down 0.23%, according to the
>To contact the writer of this article, click here: Andrea Tse.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV