STOCK MARKET NEWS: Futures rise, GDP revision, oil gains, Tesla split

U.S. equity futures were trading higher ahead of key economic reports. The major futures indexes suggest a gain of 0.8% when the opening bell rings on Wall Street.

Oil prices rose on Thursday due to several concerns affecting supply.

West Texas Intermediate crude traded around $96.00 a barrel. Brent crude was around $102.00 a barrel.

The Commerce Department will release its second estimate of 2Q GDP. The Refinitiv forecast is for a seasonally adjusted annual decline of 0.8%.

The Labor Department will release its tally of new claims for unemployment benefits for last week, indicating a tight jobs market that continues to cool. Expectations are for 253,000, up slightly from the previous week

The Federal Reserve’s annual economic symposium gets under way Thursday at a lodge in Grand Teton National Park. Fed Chair Jerome Powell will deliver a speech on Friday.

Salesforce shares are off 5% in premarket trading after the company cut its full-year revenue forecast to below market estimates 

Snowflake shares are jumping 17% in premarket trading after the data-software company
easily topped revenue expectations for its latest quarter.

In Asia, Japan’s benchmark Nikkei 225 edged up 0.6%, Hong Kong’s Hang Seng surged 3.6%, after trading was delayed earlier because of a storm. China’s Shanghai Composite rose 0.9%.

On Wall Street, the S&P 500 edged up 12.04 points, or 0.3%, to 4,140.77. The Dow Jones Industrial Average added 59.64, or 0.2%, to 32,969.23, and the Nasdaq composite rose 50.23, or 0.4%, to 12,431.53.

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