Futures head higher
U.S. stock futures were pointing to a muted session on Thursday after the all three major indexes finished the previous session in the red, led lower by the technology sector.
By 5:20 a.m. ET, the blue-chip Dow futures were up 57 points, or 0.18% to 32,376. S&P 500 futures gained 5.87 points, or 0.15% to 3,886.62 while the tech-heavy Nasdaq 100 futures edged 33.12 points, or 0.26% higher to 12,827.12.
Federal Reserve boss Jerome Powell indicated during a hearing at Capitol Hill on Wednesday that he is not worried about the recent surge in Treasury yields, saying they appear to have responded to positive news about the coronavirus vaccine rollout and, ultimately, economic growth.
Jobless claims & GDP data on tap
The U.S. Department of Labor will publish its weekly report on initial unemployment claims at 8:30 a.m. ET. Economists expect the report to show that claims fell to 735,000 in the week ended March 20 from 770,000 in the prior week.
The third reading of U.S. fourth-quarter gross domestic product (GDP) is also due at 8:30 a.m. ET. Several Fed speakers including Raphael Bostic, John Williams, Charles Evans, and Richard Clarida are also expected to give speeches later today.
SEC said to be probing Wall Street’s SPAC IPO frenzy
The U.S. Securities and Exchange Commission has reportedly opened an inquiry into the frenzy of special purpose acquisition companies (SPACs) IPOs on Wall Street, amid worries about the risks involved.
People with direct knowledge of the matter told Reuters that the securities regulator has sent letters to Wall Street banks seeking details on their blank-check dealings, and how they are managing the risks involved.
According to the report, the regulator has asked the banks to provide the information voluntarily, thus, not rising to the level of a formal probe. The SEC seeks information on SPAC deal compliance, volumes, fees and internal controls.
