Stock-index futures pointed to a slightly higher start for Wall Street on Thursday after investors shook off the launch of an impeachment inquiry into President Donald Trump and focused on positive noises around U.S.-China trade negotiations.
What are major indexes doing?
Futures on the Dow Jones Industrial Average
rose 41 points, or 0.2%, to 26,999, while S&P 500 futures
gained 3.94 points, or 0.1%, to 2,990.25. Nasdaq-100 futures
were up 3 points at 7,823.25, a gain of less than 0.1%.
The Dow Jones Industrial Average
rose 162.94 points Wednesday to end at 26,970.71, up 0.6%, while the S&P 500
rose 18.27 points, or 0.6%, to 2,984.87. The Nasdaq Composite
ended at 8,077.38 with a gain of 83.76 points, or 1.1%.
What’s driving the market?
Stocks were boosted Wednesday after Trump told reporters an end to the U.S.-China trade war could happen “sooner than you think” and repeated that China wants “to make a deal very badly.”
Investors brushed off the decision by House Democrats to begin a formal impeachment inquiry into Trump amid a controversy over his interaction with Ukraine’s president. A summary of a July call between Trump and Ukraine’s Volodymr Zelensky showed that Trump asked his counterpart to “look into” activity by former Vice President Joe Biden and his son and said he would direct his personal lawyer and Attorney General William Barr to contact him.
On Thursday, Joseph Maguire, acting director of national intelligence, is scheduled to testify before the House Intelligence Committee about the whistleblower complaint from a member of the intelligence community that raised concerns about the call.
“Frustration is mounting for the bears as the market refuses to break below support despite what they see as a growing list of reasons for a selloff,” said Jeff deGraaf, founder of Renaissance Macro Research, in a note.
“To us, the market’s ability to absorb the barrage of punches and maintain its ground is a sign of resiliency and strength. We want to be buyers of resilient markets as eventually the punches will exhaust and the market will thrive on relief,” he said.
Shares of Beyond Meat Inc.
jumped nearly 13% in premarket activity after McDonald’s Corp.
said it would trial a plant-based burger made by the company at 28 restaurants in Canada.
Peloton Interactive Inc.
a web-connected exercise-equipment company, on Wednesday priced shares in its initial public offering at $29 a share, the top of the targeted range. Shares are expected to begin trading Thursday morning on the Nasdaq Global Select Market.
In deal news, NGL Energy Partners L.P.
announced Thursday an agreement to buy Hillstone Environmental Partners LLC for about $600 million from Golden Gate Capital.
What’s on the economic calendar?
Investors will get a look at weekly jobless claims at 8:30 a.m. Eastern Time, alongside a revised reading on second-quarter gross domestic product and August data on advance trade in goods.
An index on pending home sales for August are due at 10 a.m., while Federal Reserve Vice Chairman Richard Clarida is due to speak at 11:45 a.m.