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Futures rise ahead of jobless claims, GDP data By Reuters

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© Reuters. FILE PHOTO – A Wall St. sign can be seen in New York City near the New York Stock Exchange, U.S.A, September 17, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) – U.S. stock index futures rose on Thursday, indicating a slightly positive end to a bruising month for Wall Street, with focus turning toward economic data and government funding negotiations.

Data on jobless claims is due at 08.30 AM. ET will indicate a gradual recovery of the jobs market. The Commerce Department’s separate report is expected to confirm that there was an acceleration in economic growth in the second half.

Still, all the three major indexes are set for a monthly drop, with the benchmark on track to break its seven-month winning streak as worries about persistent inflation, the fallout from China Evergrande’s potential default and political wrangling over the debt ceiling rattled sentiment.

However, the index saw its sixth consecutive quarterly gain since March 2020, even though it was at its lowest level.

The President Joe Biden’s agenda could be stalled by discord among Democrats. On Wednesday, moderates protested against the delay of $1 trillion in infrastructure bills ahead of crucial votes to avoid a shutdown.

Oil firms including Exxon Mobil (NYSE:) and Chevron Corp (NYSE:) rose about 0.6% premarket, while big banks JPMorgan Chase & Co (NYSE:), Citigroup (NYSE:) Bank of America (NYSE:) and Goldman Sachs Group (NYSE:) gained 0.7% each.

Amazon.com Inc (NASDAQ:), Tesla (NASDAQ:) Inc, Microsoft Corp (NASDAQ:), Apple Inc (NASDAQ:), Facebook Inc (NASDAQ:), Netflix Inc (NASDAQ:) and Google-owner Alphabet (NASDAQ:) Inc also edged higher, recovering from steep losses suffered earlier this week.

While the FAANG stock index is not affected by Netflix’s rate, it lost approximately $415 billion due to the Federal Reserve’s hawkish shift in monetary policy. It also saw a rise in Treasury yields, which prompted investors and traders to invest in energy, small-cap and other sectors that could benefit most from the economic revival.

Netflix expects to increase its share by 5.3% in September.

The S&P financials sector is set to rise for the sixth straight quarter, while the energy headed for its best monthly performance since February.

6.50 am. ET, were up 166 points, or 0.48%, were up 20.75 points, or 0.48%, and were up 72.5 points, or 0.49%.

Perrigo Co (NYSE:) jumped 13.8% after the drugmaker agreed to settle with Irish tax authorities over a 2018 issue by paying $1.90 billion in taxes.

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