US stock futures rose slightly higher on Thursday, ahead of data that will provide new clues as to the pace of the labor market recovery.
S&P 500 futures tick 0.2% higher, a day after the broad market meter was dragged lower by technology stocks. Nasdaq-100 futures are up 0.3%, indicating that technology stocks may be able to recover some ground. The benchmark fell almost 1.7% on Wednesday. Contracts linked to the Dow Jones Industrial Average were up 0.2%.
Investor optimism has been tempered in recent days by mixed signals from various parts of the economy. Covid-19 expenditures for government emergency relief and vaccine rollout are contributing to economic growth. This has led to a sharp increase in consumer demand for products.
But there are signs that the global recovery could be slowed by an extension of the Covid-19 lockdowns and increasing supply chain constraints for critical products such as vaccines and electronic chips. New stimulus measures have also raised concerns that inflation will soar as the economy recovers, reducing interest in both government bonds and technology stocks.
“From here you could have flattening markets in total. We are looking for a new story, ”said Daniel Morris, head market strategist at BNP Paribas Asset Management. “Growth can recover, value can wait, and then nothing happens on the surface. I have modest expectations for the market until we get an idea of what the next catalyst is. “