WASHINGTON (dpa-AFX) - After turning higher over the course of the previous session, stocks are likely to see some further upside in early trading on Thursday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up 96 points.
The markets may benefit from a positive reaction to upbeat earnings news from Walmart (WMT), with the retail giant climbing by 3 percent in pre-market trading.
The advance by Walmart comes after the company reported fiscal first quarter earnings that exceeded analyst estimates on better than expected comparable store sales growth.
Positive sentiment may also be generated in reaction to a batch of upbeat economic news, including a report from the Labor Department showing initial jobless claims dropped more than expected in the week ended May 11th.
The report said initial jobless claims slid to 212,000, a decrease of 16,000 from the previous week's unrevised level of 228,000. Economists had expected jobless claims to dip to 220,000.
A separate report from the Commerce Department showed a substantial increase in new residential construction in the month of April.
The Commerce Department said housing starts surged up by 5.7 percent to an annual rate of 1.235 million in April after climbing by 1.7 percent to a revised rate of 1.168 million in March.
Building permits, an indicator of future housing demand, also rose by 0.6 percent to a rate of 1.296 million in April after edging down by 0.2 percent to a revised rate of 1.288 million in March.
The Philadelphia Federal Reserve also released a report a significant acceleration in the pace of growth in regional manufacturing activity in May.
The upbeat news may offset lingering trade concerns after President Donald Trump signed an executive order declaring a national emergency with respect to the threats against information and communications technology and services.
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