Market Snapshot: Stock futures point to higher start for Wall Street after back-to-back losses



Stock-index futures pointed Thursday to a higher start for Wall Street after back-to-back losses for major indexes.

Investors continued to focus on U.S.-China trade talks and were eyeing a sharp jump in oil futures after two oil tankers were damaged in suspected attacks off the cost of Iran.

What are major indexes doing?

Futures on the Dow Jones Industrial Average YMM19, +0.29%  rose 81 points or 0.3%, to 26,093, while S&P 500 futures ESM19, +0.30%  added 9.8 points, or 0.3%, to 2,890. Nasdaq-100 futures NQM19, +0.40%  rose 35 points, or 0.5%, to 7,508.75.

The Dow DJIA, -0.17%  on Wednesday fell 43.68 points, or 0.2%, to end at 26,004.83, while the S&P 500 SPX, -0.20%  gave up 5.88 points, or 0.2%, to close at 2,879.84. The Nasdaq COMP, -0.38%  declined 29.85 points, or 0.4%, to finish at 7,792.72.

What’s driving the market?

Analysts continue to point to developments around U.S.-China tensions as a risk for global equities. Investors might have found some relief in remarks by President Donald Trump late Wednesday. Trump told reporters that he doesn’t have a deadline for imposing additional tariffs on Chinese goods.

“My deadline is what’s up here,” Trump said, pointing to his head, adding he had a “feeling” a deal could be reached.

Oil futures jumped after reports that two oil tankers were attacked in the Gulf of Oman, with the U.S. Navy rushing to assist the vessels amid heightened tensions between the U.S. and Iran. Brent crude BRNQ19, +4.40%  and U.S. benchmark West Texas Intermediate crude CLN19, +4.42%  jumped more than 3%.

What’s on the economic calendar?

The economic calendar features weekly jobless claims data due at 8:30 a.m. Eastern. Economists surveyed by MarketWatch forecast 218,000 first-time claims for benefits in the week ended June 8, unchanged from the previous week. The May import-price index is also due at 8:30 a.m.

Which companies are on the radar?

Tyson Foods Inc. TSN, -0.51%   said Thursday that it is introducing a new plant-based meat product under the Raised and Rooted brand. The decision will give Beyond Meat Inc. BYND, +12.64%   another competitor in this fast-growing market. Tyson shares rose 3.3% in premarket action, while Beyond Meat stock fell 3.8%.

Lululemon Athletica Inc. LULU, -0.43%   reported better than expected first-quarter earnings and sales Wednesday evening, while telling investors it sees “momentum” across its businesses. Shares rose 5.6% in off-hours trade.

How are other markets trading?

The yield on the 10-year U.S. Treasury note TMUBMUSD10Y, -0.37%   fell about a basis point to 2.114%.

Stocks in Asia closed mostly lower Thursday, with Hong Kong’s Hang Seng index HSI, -0.05%   declining 0.1% and China’s Shanghai Composite index SHCOMP, +0.05%   ticking up 0.1%. Japan’s Nikkei 225 NIK, -0.46%   fell 0.5%. In Europe, stocks were modestly higher, as evidenced by the Stoxx Europe 600 SXXP, +0.19%

Gold GCN19, +0.27%   prices ticked higher. The U.S. dollar DXY, -0.04%   edged lower.

Read on Marketwatch