Stock futures advanced Thursday, indicating that shares of giant technology companies would push higher at the opening bell.
Futures linked to the S&P 500 rose 0.7%. Contracts tied to the Nasdaq-100 rose 1.7%, suggesting technology stocks will rebound following muted declines for the sector on Wednesday. Futures for Dow Jones Industrial Average ticked up 0.3%, a day after the blue-chips index closed at a record high.
Stock futures held on to gains after data showed that 712,000 filed initial claims for unemployment benefits last week, slightly below economists’ estimates. That number, a proxy for joblessness, marked a decline of 42,000 from the previous week, offering another sign of improvement in the labor market following an easing of Covid-19 case numbers.
Investors’ demand for stocks has revived as bond markets have calmed. The yield on 10-year Treasury notes, which moves inversely to the price, slipped to 1.507% from 1.520% Wednesday, putting it on course for a third-consecutive day of declines. Yields climbed as high as 1.594% earlier this week.
Stocks have been buffeted by sharp moves in bond yields, fueled by uncertainty over how the $1.9 trillion relief bill passed by the House Wednesday will ripple through the U.S. economy.