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U.S. stock index futures posted sharp gains ahead of Thursday’s open, extending a rally seen in previous sessions.
Around 5:05 a.m. ET, Dow futures were up 251 points, indicating a rise of 252.51 points at the open. The Nasdaq and S&P 500 futures also suggested markets would begin trade in the black.
During Wednesday’s session, indexes went on a roller-coaster ride, after inflation data rattled investor sentiment.
Ahead of the Wall Street open Wednesday, U.S. futures reversed gains to trade sharply down, after inflation data came in above market estimates. The consumer price index rose 0.5 percent in January, beating forecasts of a 0.3 percent increase — triggering a sharp reaction from domestic markets and from overseas.
Despite the data, Wall Street recovered and managed to close sharply higher, with the Dow Jones industrial average closing up more than 250 points. While futures appear to be getting a boost from Wednesday’s session, investors will remain on edge as uncertainty lingers.
On the data front Thursday, jobless claims, price producer index (PPI) data, the Empire State manufacturing survey and Philadelphia Fed Manufacturing Business Outlook Survey are all scheduled to be released at 8:30 a.m. ET.
After that, industrial production is due out at 9:15 a.m. ET, followed by the NAHB Housing Market Index at 10 a.m. ET. The Treasury International Capital (TIC) data will then come in at 4 p.m. ET.
Elsewhere, markets overseas were trading higher, while investors will be paying close attention to the bond market. Concerns of rising inflation have recently sent jitters down Wall Street.
Last week, all three major U.S. indexes finished the five-day trading period more than 5 percent down each, with the Dow delivering its worst performance in two years.