Stock futures rose Thursday morning after the debate between Vice President Mike Pence and Sen. Kamala Harris took place Wednesday night without a hitch and increased optimism surrounding additional fiscal stimulus.
Dow futures rose 115 points, a gain of 0.4%, while contracts for the NASDAQ Composite and S&P 500 both added to Wednesday's gains, adding 0.6% and 0.4%, respectively.
On Wednesday, the Dow Jones Industrial Average reclaimed the 28,000 level, adding on 530 points as both President Trump and Speaker of the House Nancy Pelosi signaled support for smaller, more targeted fiscal stimulus, a contentious point between Republicans and Democrats.
DOW JUMPS 530 POINTS AS AIRLINE STIMULUS HOPES LIFT TRANSPORTATION STOCKS TO RECORD
European markets rose again Thursday, with the Stoxx Europe gaining 0.5%. The German DAX, French CAC 40 and U.K.'s FTSE 100 all gained more than 0.1%.
INITIAL CLAIMS IN SPOTLIGHT
Investors will be looking at some economic readings Thursday, including initial jobless claims. For the week ending Oct. 3, investors are looking for a reading of 830,000 initial claims, down slightly from the prior week of 837,000.
Though 11 million people have been added to U.S. payrolls since the U.S. shutdown in March as a result of the coronavirus pandemic, there are still more than 20 million Americans unemployed.
EARNINGS COME TO FOCUS
Earnings season is starting to kick into gear, as Domino's Pizza Inc. and Carnival Corp. report results before the open, giving investors additional insight into the health of the consumer.
Domino's is expected to earn $2.78 per share on revenue of $952.97 million, up significantly from the year-ago quarter, when it earned $2.05 a share and generated $820.81 million in sales.
Carnival, which has been impacted severely by the pandemic, is expected to lose $2.22 a share.
IBM said on Thursday it would spin off its managed infrastructure services unit into a newly public traded company, as the tech services giant continues to focus on its hybrid cloud business.
Shares of the Armonk, N.Y.-based firm were gaining more than 5% in early Thursday trade.
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