Stock futures, oil move higher as economies reopen
Big banks, oil showed an uptick in the market
FOX Business’ Lauren Simonetti says while airlines and pharmaceuticals dipped on Thursday, many other sectors ended in the green after President Trump said the U.S. might have a coronavirus vaccine by the end of the year.
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U.S. equity futures are pointing to a higher open when Wall Street opens on Friday.
The major futures indexes are indicating a rise of 0.4 percent.
The latest move comes as investors weighed weak economic data and rising tensions with China against broad pushes to reopen the economy.
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Several economic reports are on tap for investors to digest on Friday.
Retail sales for April are estimated to fall 12 percent month-over-month, easily surpassing the record 8.4 percent plunge in March.
CORONAVIRUS LIKELY HAMMERED US RETAIL SALES AGAIN IN APRIL
The Federal Reserve is expected to say that U.S. industrial output plunged 11.5 percent in April, topping a 1945 record decline.
The University of Michigan’s preliminary index of consumer sentiment for May is also expected to fall.
In Asia, Japan's benchmark Nikkei finished up 0.6 percent, Hong Kong's Hang Seng was off 0.1 percent, while China's Shanghai Composite slipped 0.1 percent.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 23625.34 | +377.37 | +1.62% |
| SP500 | S&P 500 | 2852.5 | +32.50 | +1.15% |
| I:COMP | NASDAQ COMPOSITE INDEX | 8943.721396 | +80.55 | +0.91% |
On Wall Street Thursday, the S&P 500 climbed 1.2 percent, the Dow Jones Industrial Average rose 1.6 percent and the Nasdaq composite gained 0.9 percent.
U.S. benchmark crude added $1.10 to $28.86 a barrel. Brent, the international standard, added $1.33 to $32.44 a barrel.
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The Associated Press contributed to this article.
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