Stock futures rose Thursday after easing geopolitical fears sparked a broad-based market rally. Traders also looked ahead to a key inflation reading due in the morning.
Futures for the Dow Jones Industrials jumped 127 points, or 0.3%, to 49,392.
Futures for the S&P 500 hiked 35.75
points, or 0.5%, at 6,945.75.
Futures for the NASDAQ popped 213 points, or 0.8%, to 25,684.
Stocks are still in the red for the week despite Wednesday’s rally. The 30-stock Dow is headed for a 0.6% decline, while the S&P 500 and NASDAQ on track to lose about 0.9% and 1.2%, respectively.
Big Tech names such as Nvidia and Microsoft were up around 1% each in the premarket. Micron Technology, along with Meta Platforms, advanced around 2%.
Major U.S. stock averages jumped Wednesday after President Donald Trump said he would no longer impose his new Europe tariffs that were set to begin Feb. 1 and announced reaching a deal “framework” over Greenland.
Trump, who has been relentlessly pushing for U.S. control of Greenland in recent weeks, said Wednesday on Truth Social that he and NATO Secretary General Mark Rutte have “formed the framework of a future deal with respect to Greenland.”
Shortly after that announcement, Trump told the media that “we have a concept of a deal” with the Arctic island. Stocks were already rising after the U.S. president earlier said in a speech at the World Economic Forum in Davos, Switzerland, that he would not move to acquire Greenland by force.
Another market catalyst looms on Thursday morning as traders await the release of the personal consumption expenditures price index.
The PCE price index is closely watched by the Federal Reserve, as it’s a preferred inflation gauge that reflects changes in consumer spending behavior. Separately, weekly jobless claims are also due.
Internationally, markets in Japan zoomed 1.7% Thursday, while the Hang Seng in Hong Kong gained 0.2%.
Oil prices sagged 92 cents to $59.70 U.S. a barrel.
Gold prices scaled back $3.10 at $4,834.40 U.S. per ounce.
