US markets are poised to open higher on Thursday, with futures in the green ahead of trading for the second day in a row. However, this didn't translate to gains on Wednesday, as investors remain cautious and watchful for hints of shifts in monetary policy.
Investor sentiment is still being steered by inflation and what the Fed is perceived to be planning. The group still will not be meeting until next week, so for now speculation about interest rate hikes will remain just that: speculation.
Key data to watch out for today includes US initial jobless claims and existing home sales. Meanwhile, expect quarterly earnings reports from the likes of Netflix (NASDAQ: NFLX), Northern Trust (NASDAQ: NTRS), Union Pacific (NYSE: UNP), and American Airlines (NASDAQ: AAL).
| NASDAQ | S&P 500 | Bitcoin |
|---|---|---|
| 14,340.25 (-1.15%) | 4,532.76 (-0.97%) | 42,134.07 (+1.34%) |
Here are some of Thursday's top stories:
Unilever (NYSE: UL) has stated that it will not increase its $50bn bid for the consumer goods arm of GlaxoSmithKline (NYSE: GSK).
United Airlines (NYSE: UAL) has warned that its capacity for 2022 will be lower than the level seen in 2019 due to disruption from the Omicron variant, though the airline added that bookings for Spring and Summer were strong.
Canadian miner Barrick Gold (NYSE: GOLD) was flying high on Wednesday after it reported that production had increased by 10% in its most recent quarter, aided by a strong performance at two of its Nevada mines.
Procter & Gamble (NYSE: PG) beat forecasts with its second quarter earnings, with the consumer goods company raising its expectations for the full year after higher shipment volumes led revenue upwards.
French biotech firm Valneva (NASDAQ: VALN) is in the green after a study showed its COVID vaccine to be effective against the Omicron variant, with the company expecting to receive its first approvals for the vaccine within the next three months.
Luckin Coffee (OTCMKTS: LKNCY) posted a double-digit increase in share price on Wednesday amid reports that the company will re-list on the NASDAQ two years after an accounting scandal forced it to leave.
Netflix (NASDAQ: NFLX) earnings are released today, with investors likely to be looking out for how subscriber numbers have fared amid rising competition in the video streaming market.
London-listed takeaway delivery outfit Deliveroo (LON: ROO) reported that the average value of orders increased by more than a third in the fourth quarter, with activity remaining strong despite the easing of COVID related restrictions.
Cryptocurrency news:
Major cryptos showed signs of recovery on Thursday morning following a challenging week. Some, such as Solana (SOL) have seen their price drop by more than 10% over the last seven days.
Even so, a report from JPMorgan says Ethereum (ETH) could be in danger of losing out to Solana (SOL), with the latter gaining market share due to its cheaper gas fees.
Autograph, an NFT platform co-founded by NFL star Tom Brady, has scored itself around $170m in series B funding.
Asian market news:
Major Chinese property development firms like Evergrande (HK: 3333) and Shimao Group (HK: 0813) saw their share prices climb on Wednesday after the nation’s central bank slashed a key mortgage rate.
Meanwhile, tech giants like Tencent (HK: 0700), Alibaba (HK: 9988) and Meituan (HK: 3690) were all in the green as lending rates on loans were also cut, with China’s central bank doing everything it can to speed economic growth.