Stock futures turned higher on Thursday after third-quarter GDP was revised to show even better growth than expected.
Dow Jones Industrial Average futures moved slightly higher on Thursday as the path to 20,000 remained in sight. Dow futures were up 0.04%, S&P 500 futures were flat, and Nasdaq futures added 0.05%.
The U.S. economy grew by 3.5% in the third quarter as consumer spending came in stronger than expected. Previous estimates had pegged third-quarter GDP at 3.2%. Spending improved to 3% from 2.8%.
Durable goods orders fell back in November, reversing a sizeable gain seen in October. The metric, measuring orders for long-lasting goods in the U.S., fell by 4.6%. Analysts had anticipated a decline of 4%. Core capital goods orders increased 0.9% in November.
Weekly jobless claims rose by their most since April 2014, though remained below the 300,000 threshold. The number of new claims for unemployment benefit increased by 21,000 to 275,000, the highest level since mid-June.
The Dow's creeping path to its 20,000 milestone hit pause on Wednesday after a meandering day of slight losses. The blue-chip index has struggled to move past that threshold, though managed to move within 15 points of the record.
Dow 20,000 has been on watch since the index hit the 19,000 mark for the first time just a month ago on Nov. 22. The Dow first hit 10,000 in March 1999.
The Dow has moved higher in response to optimism over President-elect Donald Trump's proposed spending plans. Trump's administration, viewed as Wall Street friendly, has already backed deregulation, infrastructure spending and tax cuts.
Crude oil continued its decline on Thursday. Commodities tumbled on Wednesday after weekly data showed a surprise increase in domestic oil stockpiles, a worrying development in the face of an already-oversupplied global oil market. Organization of Petroleum Exporting Countries brought some relief to commodity markets in late November after agreeing to a production cut.
West Texas Intermediate crude oil fell 0.2% to $52.39 a barrel.
Rite Aid (RAD - Get Report) moved lower on Thursday after third-quarter earnings came in weaker than expected. The pharmacy chain, currently undergoing steps to merge with Walgreens (WBA - Get Report) , reported adjusted earnings of 2 cents a share. Adjusted profit was half what analysts expected. Same-store sales declined 3.4%, dragged down by a slump in pharmacy sales.
Micron Technology (MU - Get Report) jumped 11% in premarket trading after a better-than-expected first quarter. The chipmaker earned 32 cents a share over the quarter, 4 cents above estimates. Revenue surged nearly 18% to $3.97 billion, topping forecasts by $20 million.
Red Hat (RHT) plummeted 11% after Chief Financial Officer Frank Calderoni announced his resignation. Principal accounting officer, Eric Shander, will assume the position in the interim. The open-source tech company also issued weaker-than-expected guidance for its fourth quarter and full year. Red Hat anticipates fourth-quarter and full-year sales no higher than $622 million and $2.405 billion, respectively. Consensus was for fourth-quarter sales of $638 million and full-year sales of $2.42 billion.