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© Reuters.
By Peter Nurse
Investing.com – US stocks are expected to open higher on Thursday, with growth stocks set to join the rally as the Biden administration’s substantial stimulus package closes in on reality and concerns ease on inflation.
At 7:05 am ET (1205 GMT), the contract was up 85 points, or 0.3%, trading 23 points or 0.6% higher, and up 205 points, or 1.6%.
The House of Representatives approved the $ 1.9 trillion on Wednesday, putting $ 1,400 in the pockets of people making less than $ 80,000 and providing relief to airlines and restaurants, among other hard-hit industries. The bill will be sent back to President Joe Biden for signing, probably on Friday.
This helped close 1.5%, at a new all-time high, while 0.6% added. The Tech Heavy Index missed Wednesday’s rally but is expected to catch up with strong gains on Thursday.
A reduction in Treasury yields has helped the growth sector, with the benchmark now yielding less than 1.50%, a substantial drop from the 1.62% level seen last week. This followed Wednesday’s benign launch, as well as the $ 38 billion auction proceeding smoothly.
A $ 24 billion 30-year bond auction will take place on Thursday, as well as another reading on the health of the job market in the form of weekly data from last week.
In other positive news, President Biden said he will double the US order for Johnson & Johnson’s vaccine, bringing the country’s supply to 500 million people. This comes after nearly a quarter of American adults have received at least one vaccine.
In the corporate sector, the spotlight remains on GameStop (NYSE 🙂 as the arcade retailer’s shares continue their wild run. Roblox (NYSE 🙂 will also be in the spotlight, after the online gaming platform saw strong demand for its shares on its debut after a direct listing on the New York Stock Exchange.
Oil prices rose on Thursday as the latest data from the Energy Information Administration showed that domestic consumption fell last week, by nearly 12 million barrels, to the lowest level in about four months, while demand rose to the highest level since November.
The gains were moderated by an increase of 13.8 million barrels.
futures traded 1.1% higher at $ 65.12 a barrel, while the international benchmark contract was up 1.1% at $ 68.65.
Elsewhere, it was up 0.5% to $ 1,729.90 / oz, while it traded 0.3% higher at 1.1959.
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