Futures mostly little changed after major averages post winning day on Trump’s denial that he plans to fire Powell: Live updates
U.S. stock futures were mostly little changed on Thursday morning. The moves follow a winning day after President Donald Trumpdeniedthat he was planning to fire Jerome Powell from his position as Federal Reserve chairman.
Futures tied to the Dow Jones Industrial Averagefell 38 points, or 0.09%.S&P 500 futuresmoved up 0.03% while theNasdaq 100 futuresboth added 0.15%.
During Wednesday's regular session, theS&P 500gained 0.32%, while theNasdaq Compositeadded 0.26%. The 30-stockDowrose 231.49 points, or 0.53%.
Stocks initially fell after a White House official said that Trump "likely will soon" fire Powell from his post, with the blue-chip Dow dropping more than 260 points at its session low.The New York Times also reportedthat Trump had even drafted a letter calling for Powell's resignation to show House Republicans.
However, equities rebounded after the president downplayed the reports and said he was "not planning on doing it," although adding that he does not "rule out anything."
To Michael Green, chief strategist at Simplify Asset Management, Wednesday's stock rebound indicates that the market may have already moved past Powell's potential ousting.
"The only real piece of information, I would argue, that you got today is that firing Powell is not that big of a deal," he said to CNBC.
Instead, Green said that at least in the near term, investors would likely continue to direct most of their attention toward upcoming earnings reports as the market's most important catalyst.Taiwan Semiconductor Manufacturing,Travelers,GE Aerospace,U.S. BancorpandCitizens Financial Groupare set to report earnings before Wednesday's opening bell.
"I would be very surprised if we don't get relatively positive reports out of the tech leaders. Not impossible, but surprised. Overall, that would suggest that the markets are going to experience some relief associated with earnings season not being as bad as people think," Green said.
On Thursday, traders will also watch out for weekly jobless claims, the latest reading on June's retail sales report and last month's export and import price indexes.
Asia-Pacific markets mostly close higher
Asia-Pacific markets mostly ended the day higher Thursday.
Hong Kong'sHang Seng Indexclosed flat at 24,498.95, while mainland China'sCSI 300index increased by 0.68% to 4,034.49.
Japan'sNikkei 225benchmark added 0.6% to close at 39,901.19, while the broader Topix index rose 0.72% to 2,839.81.
Meanwhile, South Korea'sKospiindex moved up 0.19% to close at 3,192.29, while the small-cap Kosdaq advanced 0.74% to 818.27.
Australia'sS&P/ASX 200benchmark ended the day 0.9% higher at 8,639.
Over in India, the 50-stock benchmarkNifty 50was down 0.12%, while the Sensex index lost 0.25% as of 1.55 p.m. Indian Standard Time (4.25 a.m. ET).
— Amala Balakrishner
Eight of the 11 S&P 500 sectors ended Wednesday positive
Eight of the 11 sectors in theS&P 500closed higher on Wednesday.
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