US stock futures rallied Thursday, pointing to another record-breaking trading session after the opening bubble, as investors waited for data on unemployment benefits and comments from Federal Reserve Chairman Jerome Powell.
Futures linked to the S&P 500 were up 0.3%. The broad market index closed at its 18th record on Wednesday this year. Nasdaq-100 futures advanced 0.9%, indicating gains in technology stocks.
Stocks got off to a good start to the second quarter, with the S&P 500 up 2.7% this month. The biggest tech companies moved forward as the bond market calmed down, easing concerns about the high valuations of growth stocks. The comments from Fed policymakers, released Wednesday, highlighted their intention to continue with an easy monetary policy until the economy has recovered more.
“The momentum remains favorable for equities,” said Adrien Pichoud, portfolio manager and chief economist at SYZ Private Banking. “The Fed and central banks in general are in no rush to raise interest rates.”
The latest data on jobless claims, due to be expected at 8:30 a.m. ET, will likely add to evidence that layoffs are declining as an economic rebound gains momentum. Economists surveyed by The Wall Street Journal expect the number of workers’ filings for initial jobless claims, a proxy for layoffs, to drop to 694,000 last week from 719,000 the week before.