U.S. stocks are pointing to a higher open on Thursday as global stocks recovered helped by better-than-expected Chinese export data and a steadying of the Chinese currency.
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Dow Jones futures are higher by 0.2 percent, S&P 500 futures are gaining 0.2 percent and Nasdaq futures are up by 0.4 percent.
Chinese exports rose 3.3 percent in July from a year earlier, beating an expected decline of 2 percent. Chinese imports fell by less than forecast, despite the U.S.-China trade war.
|I:DJI||DOW JONES AVERAGES||26007.07||-22.45||-0.09%|
|I:COMP||NASDAQ COMPOSITE INDEX||7862.825793||+29.56||+0.38%|
U.S. stocks clawed their way back from steep losses on Wednesday to close the session little changed in what was a wild day for equity investors.
The Dow Jones Industrial Average plunged around 500 points at one point as worries about a global recession picked up steam following several global central banks that cut interest rates.
Add to that list, the Philippine central bank also cut interest rates.
Yields on U.S. 30-year bonds fell as low as 2.123 percent overnight, not far from a record low of 2.089 percent set in 2016.
Ten-year yields dropped further below three-month rates, a yield curve inversion that has often predicted a coming recession.
Shares of the ride-hailing company Lyft rose after beating estimates for second-quarter revenue and said the loss for 2019 would be less than its prior forecast.
A handful of closely-watched names will report earnings ahead of Thursday’s opening bell. They include a slew of media companies including cable TV and movie giant Viacom, movie theater chain AMC Entertainment.
After the closing bell we’ll hear from Wall Street Journal parent News Corporation, ride-sharing firm Uber Technologies and broadcaster CBS.