Futures Pointing To Modestly Higher Open On Wall Street

(RTTNews) - Stocks may move to the upside in early trading on Thursday, adding to the gains posted in the previous session. The major index futures are currently pointing to a modestly higher open for the markets, with the S&P 500 futures up by 0.2 percent.

Some traders may continue to look to pick up stocks at relatively reduced levels even after Wednesday's advance, as the major averages remain well off last week's record highs.

While concerns about an artificial intelligence bubble and the possibility of a near-term correction continue to weigh on investors' minds, the momentum for the markets currently still seems to be the upside.

Amid another comparatively quiet day on the U.S. economic front due to the ongoing government shutdown, global outplacement firm Challenger, Gray & Christmas released a report showing a sharp increase in layoff announcements in the month of October.

Challenger, Gray & Christmas said U.S.-based employers announced 153,074 job cuts in October, up 183 percent from the 54,064 job cuts announced in September and up 175 percent from the 55,597 cuts announced in the same month a year ago.

"Some industries are correcting after the hiring boom of the pandemic, but this comes as AI adoption, softening consumer and corporate spending, and rising costs drive belt-tightening and hiring freezes," said Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas.

He added, "Those laid off now are finding it harder to quickly secure new roles, which could further loosen the labor market."

Challenger, Gray & Christmas said employers have announced 1,099,500 job cuts through the first ten months of the year, marking the highest level of year-to-date job cuts since 2020.

Among individual stocks, shares of Snap (SNAP) are soaring by 19.5 percent in pre-market trading after the social media platform announced a $500 million stock buyback and provided strong fourth quarter revenue guidance.

Mobile technology company AppLovin (APP) is also seeing significant pre-market strength after reporting better than expected third quarter results.

On the other hand, shares of DoorDash (DASH) are plunging by 10.6 percent in pre-market trading after the food delivery company reported third quarter earnings that missed analyst estimates.

Following the sell-off seen during Tuesday's session, stocks turned in a strong performance throughout much of the trading day on Wednesday before once again coming under pressure late in the session.

The major averages showed a notable pullback in the final hour of trading but managed to end the day in positive territory.

The Nasdaq advanced 151.16 points or 0.7 percent to 23,499.80, the Dow climbed 225.76 points or 0.5 percent to 47,311.00 and the S&P 500 rose 24.74 points or 0.4 percent to 6,796.29.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Thursday. Japan's Nikkei 225 Index jumped by 1.3 percent, while Hong Kong's Hang Seng Index surged by 2.1 percent.

Meanwhile, the major European markets have moved to the downside on the day. While the French CAC 40 Index is down by 0.6 percent, the German DAX Index is down by 0.2 percent and the U.K.'s FTSE 100 Index is down by 0.1 percent.

In commodities trading, crude oil futures are rising $0.41 to $60.01 a barrel after tumbling $0.96 to $59.60 a barrel on Wednesday. Meanwhile, after jumping $32.40 to $3,992.90 an ounce in the previous session, gold futures are climbing $31.70 to $4,024.60 an ounce.

On the currency front, the U.S. dollar is trading at 153.47 yen versus the 154.11 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1537 compared to yesterday's $1.1491.