Futures Indicate Higher Open After Jobs, Trade Data

Stock futures are notably higher Thursday, following a sluggish day after comments from Federal Reserve Chairman Jerome Powell. Futures on the Dow Jones Industrial Average (DJIA) are up 137 points after the index yesterday turned in its third-straight daily loss, while Nasdaq-100 Index (NDX) futures are also up triple digits. 

Jobs data dropped today, showing jobless claims rose last week to their highest level since late January. Plus, per the Commerce Department, the trade deficit jumped to $68.9 billion last month, which is higher than economists anticipated and the biggest imbalance since April 2023.

Continue reading for more on today's market, including: 

• Cloud computing stock poised for a big bounce.
• Bear note weighed on consumer lending stock.
• Plus, Levis Strauss' beat-and-raise; Wayfair's bull note; and Hertz's bear note.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts and 857,903 put contracts exchanged Monday. The single-session equity put/call ratio rose to 0.69, while the 21-day moving average remained at 0.71.
2. Clothing retailer Levi Strauss & Co (NYSE:LEVI) stepped into the earnings confessional after the close last night, where it topped first-quarter earnings and revenue expectations. The company also raised its full-year profit guidance, which led to seven price-target hikes. Up 13.7% in premarket trading, LEVI is looking to add to its 12.8% year-to-date lead.
3. Evercore ISI upgraded Wayfair Inc (NYSE:W) stock to "outperform" from "in line" and lifted its price objective to $80 from $65, highlighting the e-commerce retailer's potential to steal market share as the home furnishing business recovers. Up 5.4% ahead of the open, W already sports an impressive 74.1% year-over-year gain.
4. Shares of Hertz Global Holdings Inc (NASDAQ:HTZ) are down 3.7% before the bell, after Goldman Sachs downgraded the stock to "sell" from "neutral." The analyst noted near-term pressures for the car rental firm have likely not been fully priced in yet. Coming into today, HTZ was already down 26.6% in 2024.
5. Plenty of economic data is due out this week, including several speeches from the Federal Reserve. 

Asian Markets React to Stateside Interest Rate Comments

With Hong Kong and China closed for public holiday, Asian bourses parsed through Fed Chair Jerome Powell’s latest interest rate rhetoric. Hong Kong retail sales came in 1.9% higher year over year for February, while South Korea’s Kospi added 1.3%, thanks to outsized post-earnings move from Samsung Electronics. Japan’s Nikkei gained 0.8%, briefly regaining but finally ceding the 40,000 mark. An ex-currency diplomat remarked that Japan will not intervene in the currency market, despite the yen declining against the dollar.

Over in Europe, stocks are cautiously higher, with investors keen for the notes from the European Central Bank’s (ECB) latest meeting notes. At last check, London’s FTSE 100 was up 0.4%, the French CAC 40 was off by 0.1%, and the German DAX was marginally higher.