Stock futures inched higher on Thursday, setting the Dow Jones Industrial Average up for more records as crude oil posted solid gains.
Dow futures were up 0.13%, S&P 500 futures gained 0.12%, and Nasdaq futures added 0.08%.
The Dow added to its winning streak on Wednesday with only small gains, shrugging off the chances of another interest rate hike come March. The blue-chip index closed out Wednesday's session with its ninth straight day of record finishes. That marks its longest record-making streak in 30 years.
The Dow began its long stretch of records on the back of vague hints from Donald Trump over a forthcoming tax plan. However, with few developments on that front, the record rally has taken on a life of its own, benefiting from individidual stock moves, such as a better-than-expected quarter from Walmart (WMT) - Get Walmart Inc. Report and reports DuPont (DD) - Get DuPont de Nemours, Inc. Report could clear regulatory hurdles in its merger with Dow Chemical (DOW) - Get Dow, Inc. Report .
Treasury Secretary Steven Mnuchin talked tax plans on Thursday, noting that the administration is working to deliver "very significant" tax reform before the August recess in Congress. Mnuchin told CNBC that the plan will focus "on a middle income tax cut and a simplification for business."
Crude oil rallied on Thursday morning ahead of official data from the Energy Information Administration on weekly domestic stockpiles. Another reading on U.S. stocks from the American Petroleum Institute showed crude supplies drop by 884,000 barrels in the past week.
West Texas Intermediate crude was up 1.2% to $54.23 a barrel on Thursday.
Weekly jobless claims climbed in the past week, though remained at multi-year lows. The number of new claims for unemployment benefits rose by 6,000 to 244,000 in the past week. The less volatile, four-week claims average fell by 4,000 to 241,000. The monthly average is at its lowest level since mid-1973.
Tesla (TSLA) - Get Tesla Inc Report reported a mixed fourth quarter with a wider loss but improved sales. The electric automaker reported a loss of 69 cents a share, 26 cents wider than expected. Revenue surged 88.4% to $2.28 billion, beating estimates by $100 million. Tesla didn't issue guidance for 2017 but did say that it expects to deliver 47,000 to 50,000 Model S and Model X vehicles in the first half of the year, which would be roughly a 71% increase over a year earlier.
Shares fell 2.8% in premarket trading.
Fitbit (FIT) - Get Fitbit, Inc. Class A Report rose slightly after reporting a wider-than-expected loss and sharp decline in sales over its recent quarter. A fourth-quarter loss of 56 cents a share was 6 cents more than anticipated. Sales slumped 19.3% to $574 million, falling shy of consensus by $2 million. The company has suffered from increased competition and weakening demand in the wearables market.
Payments company Square (SQ) - Get Square, Inc. Class A Report reported a narrower loss than anticipated over its fourth quarter with sales growth in the double digits. A fourth-quarter loss of 4 cents a share was half what analysts expected. Revenue increased nearly 21% to $452 million and exceeded expectations by $2.4 million. The stock gained 9.4% in premarket trading.
Barclays (BCS) - Get Barclays PLC Sponsored ADR Report posted weaker-than-expected full-year earnings but saw its shares rise in London after the U.K. lender said it would complete its restructuring program six months earlier than planned. The bank said full-year pretax profit was £3.2 billion ($3.98 billion), missing analysts' estimates of £3.9 billion but up from pretax profit a year earlier of £1.15 billion.
HP (HP) - Get Helmerich & Payne, Inc. (HP) Report topped analysts' estimates on its top- and bottom-lines in its fiscal first quarter. Adjusted earnings of 38 cents a share came in a penny above estimates. Revenue climbed 3.7% to $12.7 billion and beat expectations by $850 million.
Kohl's (KSS) - Get Kohl's Corporation (KSS) Report added 3% after exceeding quarterly estimates and meeting full-year profit expectations. The retailer earned $1.44 a share over its fourth quarter, down from $1.58 a share a year earlier but above consensus of $1.33. Sales of $6.2 billion were in line with estimates. Kohl's said it saw "declines in brick-and-mortar traffic" over the quarter, though online demand countered some of that drag. Same-store sales fell 2.2%, slightly more than consensus of a 2.1% drop.
Chesapeake Energy (CHK) - Get Chesapeake Energy Corporation Report rose 2% after narrowing its loss to 84 cents a share over its recent quarter from $3.36 a share a year earlier. Adjusted earnings of 7 cents a share was in line with estimates. The oil producer also said it anticipates it average rig count to increase by 16 to 18 over 2017.
L Brands (LB) - Get L Brands, Inc. (LB) Report slumped 13% after issuing weak guidance for fiscal 2017. The parent of Victoria's Secret said it anticipates full-year profit no higher than $3.35 a share, far below estimates of $3.61. L Brands also said it expects same-store sales to decline in the mid-to-high teens in February.