US stock futures rose slightly higher on Thursday after new data showed that the labor market continues its slow and stagnant recovery.
Futures pegged to the S&P 500 were up 0.4%, indicating that the broad market meter could rise after the New York opening bubble and break through two consecutive days of cushioned losses. Contracts linked to the tech-heavy Nasdaq-100 were up 0.5%, and contracts linked to the Dow Jones Industrial Average were up 0.3%.
Continued progress toward passing a $ 1.9 trillion stimulus package in the US is bolstering sentiment as investors expect it to further cushion the economic impact of Covid-19 lockdowns. While some data shows signs of improvement in the labor market, investors expect the high unemployment benefit figures to support the need for more stimulus measures.
Recent data showed that 793,000 Americans filed for first unemployment benefits in the week ending Feb. 6. New applications for the week before were revised higher to 812,000.
“There is clearly still a significant number of job losses and there is a clear need for more fiscal support,” said Shoqat Bunglawala, head of multi-asset solutions, international at Goldman Sachs Asset Management, before the data was released.