Dow futures tick higher; Powell speech, Disney earnings in focus By

-- U.S. stock futures stagnated Thursday,Software similar to Forex Eye struggling to keep a multi-day rally going ahead of comments from Federal Reserve Chair Jerome Powell, which could provide guidance on future monetary policy.

By 06:20 ET (10:20 GMT), the contract was up 65 points, or 0.2%, traded 6 points, or 0.1%, higher, while dropped 7 points, or 0.1%.

Wall Street’s benchmark indices traded narrow ranges on Wednesday, with the broad-based finishing up just 0.1%. However, this marked its eighth consecutive up day, its longest winning streak since 2021. The tech-heavy also gained 0.1%, a ninth winning day, while the 30-stock slipped by 0.1%, breaking a run of seven positive days.

Powell returns to the spotlight

Trading is expected to be muted again Thursday as investors await comments from a slew of Fed speakers, including a speech from Fed boss at a conference in Washington D.C. later in the session. 

A degree of confidence has returned to Wall Street on hope that the Fed’s prolonged tightening cycle is now done, with some traders having started to factor the probability of a rate cut coming in the first half of next year.

However, some Fed officials have warned against complacency in recent days, saying there is more work to be done to get inflation back to the central bank's 2% target rate.

Powell spoke at a separate event in the U.S. capital on Wednesday, but did not comment on monetary policy. This is unlikely to be the case today, and investors will be looking for a steer on future interest rate levels.

The weekly release of is the day’s main highlight as far as economic data are concerned.

Walt shines with 4Q results 

There are more earnings to digest Thursday, including numbers from luxury fashion firm Tapestry (NYSE:), electric vehicle maker Li Auto (NASDAQ:) and casino operator Wynn Resorts (NASDAQ:).

Walt Disney (NYSE:) will also be in focus after the entertainment giant beat earnings forecasts in its fiscal fourth quarter, thanks in large part to subscriber growth at its streaming services as well as higher attendance at its theme parks in Shanghai, Hong Kong and California.

Oil recovers despite demand worries

Oil prices edged higher Thursday, attempting to recover from their lowest levels in more than three months although worries of waning demand in China and the U.S., the two biggest economies in the world, remain.

Data released earlier Thursday showed that China, the world's biggest oil importer, fell back into disinflationary territory in October. 

This followed the , an industry body, stating that oil stocks rose by almost 12 million barrels last week. If confirmed by official data, that would be the biggest build since February. 

By 06:20 ET, the U.S. crude futures traded 0.6% higher at $75.81 a barrel, while the contract climbed 0.7% to $80.08 a barrel . Both benchmarks hit their lowest since mid-July on Wednesday.

Additionally, fell 0.3% to $1,952.05/oz, while traded 0.2% lower at 1.0688.

(Oliver Gray contributed to this item.)

 

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!