By Barbara Kollmeyer and Anora Mahmudova, MarketWatch
Oil rebound fizzles out
U.S. stock futures relinquished some of the gains, but still
pointed to a higher open on Wall Street Thursday, as the main
indexes closely tracked volatile oil prices.
The rebound in crude-oil futures, which suffered the sharpest
loss in weeks on Wednesday, proved short-lived, with prices edging
lower in morning trade.
Dow Jones Industrial Average futures rose 30 points, or 0.2%, to
20,367, while S&P 500 futures gained 6 points, or 0.3%, to
2,339. Nasdaq-100 futures rose 20 points, or 0.4%, to 5,418.
Dragged south by losses for energy stocks and for International
Business Machine Corp.(IBM), the Dow industrials fell 118.79 points
to 20,404.49 on Wednesday,
(http://www.marketwatch.com/story/us-stocks-primed-to-edge-higher-as-earnings-stay-center-stage-2017-04-19)
marking the lowest close for the blue-chip benchmark since Feb.
10.
The S&P 500 closed down 4.02 points to 2,338.17, but the
Nasdaq Composite bucked the negative trend to finish up 0.2% to
5,863.03.
West Texas Intermediate crude futures for May were rising, up
0.7% at $50.79 a barrel. Prices were recovering after a surprise
climb in U.S. gasoline supplies helped push prices to their biggest
one-day loss in six weeks
(http://www.marketwatch.com/story/oil-steadies-as-investors-await-eia-inventory-report-2017-04-19)
on Wednesday. That decline dragged in the energy sector.
On Thursday, Saudi Arabia's energy minister, Khalid al-Falih,
said the Organization of the Petroleum Exporting Countries is
likely to reach a deal to extend the group's production cuts into
the latter half of 2017
(http://www.marketwatch.com/story/opec-set-to-extend-output-deal-says-saudi-energy-minister-2017-04-20).
Economic front: "The trend of the market is down and is not
likely to reverse until clarity of the underlying fear factors are
put to rest," said Peter Cardillo, chief market economist for First
Standard Financial, in emailed comments, referencing investor
jitters over the impending French election, and tensions on the
Korean Peninsula.
"Today's macro and earnings could set the stage for a positive
opening with little change in direction," he added.
Initial jobless claims rose by 10,000 to a still-low 244,000 in
mid-April. Meanwhile, the number of out-of-work people collecting
unemployment checks fell to a 17-year low in April, underscoring
the strongest U.S. labor market in years.
Separately, the manufacturing index from the Philadelphia Fed
slid in April, but from high levels, suggesting slower growth in
the factory sector after a post-election surge.
Federal Reserve Governor Jerome Powell, speaking about capital
markets and the economy, said now was a good time to review the
raft of banking regulations put in place since the financial
crisis.
Earnings roll out: Shares of Philip Morris International
Inc.(PM) fell 3% in premarket after the company fell short of
earnings and first-quarter profit expectations
(http://www.marketwatch.com/story/philip-morris-shares-slump-after-earnings-miss-2017-04-20).
Foot Locker Inc.(FL) shares fell over 3% after the athletic
apparel group issued a profit warning.
(http://www.marketwatch.com/story/foot-locker-shares-slide-after-profit-warning-2017-04-20)
(http://www.marketwatch.com/story/foot-locker-shares-slide-after-profit-warning-2017-04-20)Blackstone
Group L.P.(BX) reported profit that nearly tripled, but missed
expectations. Still, shares were up nearly 3% in premarket
trading.
Verizon Communications Inc.(VZ) shares fell more than 2% in
premarket trading after the telecom company reported first-quarter
earnings that missed Wall Street expectations.
Visa Inc.(V) and Mattel Inc.(MAT) are due to report after the
close.
EBay Inc.(EBAY) shares fell nearly 2% in premarket trade. The
online retailer posted earnings and in-line guidance
(http://www.marketwatch.com/story/ebay-stock-falls-2-after-quarterly-earnings-2017-04-19)
for the new fiscal year late Wednesday.
Qualcomm Inc.(QCOM) shares gained 2.4% premarket after the chip
designer beat earnings expectations
(http://www.marketwatch.com/story/qualcomm-gains-after-beating-earnings-expectations-despite-apple-legal-beef-2017-04-19).
Other markets: The Nikkei 225 Index rose for a fourth straight
session, leading a recovery for Asia markets
(http://www.marketwatch.com/story/nikkei-up-for-4th-straight-session-leading-asian-market-recovery-2017-04-19).
European stocks were marginally higher, while the U.K.'s FTSE 100
index
(http://www.marketwatch.com/story/unilever-shares-push-ftse-toward-first-win-in-5-days-2017-04-20)
drifted south.
However, the French CAC 40 index rallied 1%
(http://www.marketwatch.com/story/french-stocks-rise-ahead-of-european-peers-despite-election-worries-2017-04-20)
after a Harris Interactive poll signaled a win for centrist
Emmanuel Macron in Sunday's first-round presidential election. The
euro shot to a three-week high
(http://www.marketwatch.com/story/euro-hits-3-week-high-as-macron-holds-slim-lead-in-french-presidential-poll-2017-04-20)
against the dollar of $1.0778.
Read:Here's how France's hotly contested election could spark
market turmoil
(http://www.marketwatch.com/story/heres-how-frances-hotly-contested-election-could-spark-market-turmoil-2017-04-19)
The yield on the 10-year Treasury bond inched 1 basis point
higher to 2.23%. Gold prices were little changed.
(END) Dow Jones Newswires
April 20, 2017 09:12 ET (13:12 GMT)
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