From the Wall Street Journal’s “Stock Futures Climb After S&P 500 Hits Record” posted early Thursday:
U.S. stock futures rose Thursday, pointing to another record-setting trading session after the opening bell, as investors awaited data on unemployment benefits and comments from Federal Reserve Chairman Jerome Powell…
Stocks have started the second quarter on strong footing, with the S&P 500 rising 2.7% this month. The largest tech companies have surged ahead as the bond market calmed, easing concerns about the high valuations of growth stocks. Fed policy makers’ comments, released on Wednesday, highlighted their intention to continue with easy monetary policies until the economy has recovered more.
“The dynamic remains supportive for stocks,” said Adrien Pichoud, a portfolio manager and chief economist at SYZ Private Banking. “The Fed and central banks in general are perceived to be in no rush to raise rates.”
The latest data on jobless claims, due at 8:30 a.m. ET, are likely to add to evidence that layoffs are easing as an economic revival gathers force. Economists surveyed by The Wall Street Journal expect worker filings for initial jobless claims, a proxy for layoffs, to have fallen to 694,000 last week, from 719,000 the prior week.
At 12 p.m., Mr. Powell will be speaking about the global economy at the International Monetary Fund’s virtual spring meetings.
My take: Triple moving average crossover is a bullish pattern, or so I’m told.