Stock futures edge higher before jobs data
NEW YORK – Stock futures edged higher as investors avoided big moves before key reports on unemployment and inflation.
Currency and gold trading was again a dominant driver of global financial markets Thursday. Traders sent the dollar lower because of expectations the Federal Reserve will start buying government bonds to try to stimulate the sluggish economy. Buying bonds would drive down interest rates from already low levels. That makes gold and other currencies where interest rates are higher more attractive than the dollar.
Gold hit another record high, while the dollar fell to a 15-year low against the yen and touched its lowest level against the euro since January.
Stock futures movement is likely to pick up after the government releases its weekly report on first-time unemployment claims and data on inflation at the wholesale level.
Traders will want to see if first-time claims for unemployment benefits continued to fall. Last week’s report showed claims were at their lowest level since mid-July, but still not low enough to signal broad hiring. High unemployment remains a key obstacle to a stronger economy and any Fed action would be partially aimed at reviving job growth.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Canadian company purchasing Southern Lumber for nearly $50M
- Winchester lands $50M ammunition contract from Homeland Security
- Lawmakers question education leaders about escalating administrative costs
- Deer processors need to use caution to insure safe, tasty venison
- Peavey Electronics reorganizing under new globalization plan
- Pearl ordering rental properties to retrofit with sprinklers, build storm shelters
- C Spire completes acquisition of MegaGate Broadband
- Columbia Parachute expanding, relocating to BusinessPlex
- Tourism conference being held on Coast; industry to ask state for more money