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U.S. index futures edged higher in pre-market trading on Thursday as investors eagerly await remarks from Federal Reserve Chairman Jerome Powell, scheduled for Friday. With the upcoming release of jobless claims and earnings from Intuit and Ross, the market remains cautious, especially after significant pre-market declines in Snowflake (NYSE:SNOW) and Urban Outfitters (NASDAQ:URBN) stocks, reflecting the complexity of corporate results.

At 4:47 AM ET, Dow Jones (DOWI:DJI) futures rose 47 points or 0.11%. S&P 500 futures gained 0.08%, and Nasdaq-100 futures advanced 0.06%. The yield on the 10-year U.S. Treasury note stood at 3.822%.

On Thursday, the U.S. economic calendar includes initial jobless claims for the week of August 17, expected at 230,000 claims compared to the previous week’s 227,000, at 8:30 AM ET. At 9:45 AM, U.S. services and manufacturing PMI data for August will be released. Later, at 10:00 AM, existing home sales for July will be announced, with a forecast of 3.95 million units, up from the previously reported 3.89 million.

In the commodities market, wheat prices fell due to a railway strike in Canada, affecting grain transportation.

Oil prices declined on concerns about global demand, despite U.S. crude stock drawdowns. Revised employment reports and weak economic data from China contributed to the drop, while the market fears that OPEC+ might reverse its production cuts.

West Texas Intermediate crude for October fell 0.22% to $71.77 per barrel, while Brent for October dropped 0.03% to $76.03 per barrel.

Asia-Pacific markets were mixed on Thursday. Japan’s Nikkei 225 rose 0.68%, and the Topix advanced 0.25%, driven by business expansion in August. South Korea’s Kospi grew 0.24%, but the Kosdaq fell 0.82%. China’s CSI 300 declined 0.26%. Australia’s S&P/ASX 200 gained 0.21%, supported by improved services activity. In Hong Kong, the Hang Seng was up 1.33% in the final hour of trading.

The Bank of Korea kept its interest rate at 3.50% for the 13th consecutive meeting, prioritizing inflation control. Despite growing calls for rate cuts, the decision was in line with economists’ expectations.

In Japan, the industry shrank in August due to weak demand, but the decline was smaller, while the services sector grew, indicating optimism. The manufacturing PMI rose to 49.5, still below 50, and the services PMI increased to 54.0. Price pressures and labor constraints persist.

In China, offshore creditors of Evergrande may recover funds if they prove the company owes money to its onshore subsidiaries, according to Reuters. Although they rank lower, they might have a better chance of receiving payments if the restructuring reveals outstanding debts.

European markets started Thursday slightly higher as investors await signals from the Federal Reserve on future interest rate moves. Additionally, UK and EU Purchasing Managers’ Index data will be released, along with financial results from insurers Swiss Re (TG:SR9) and Aegon (EU:AGN), (NYSE:AEG). Bavarian Nordic (TG:BV3) reported better-than-expected profits and announced a record mpox vaccine order from an unidentified European country. Second-quarter revenue was $213 million, with an operating profit of $60 million.

U.S. stocks rose on Wednesday, with the Nasdaq and S&P 500 recording their ninth gain in ten sessions. The Dow Jones advanced 55.52 points, or 0.14%, to 40,890.49 points, while the S&P 500 gained 23.73 points, or 0.42%, to 5,620.85. The Nasdaq added 102.05 points, or 0.57%, to 17,918.99.

The positive close followed the release of the Fed’s minutes, which reinforced expectations of a rate cut in September. The minutes revealed that most members support a cut, provided inflation remains as expected. Labor market data showed the U.S. economy created 818,000 fewer jobs than initially reported between March 2023 and March 2024, reflecting 0.5% weaker growth.

In the upcoming quarterly earnings reports, Baidu (NASDAQ:BIDU), OSI Systems (NASDAQ:OSIS), Peloton (NASDAQ:PTON), Advance Auto Parts (NYSE:AAP), BJ’s Wholesale Club (NYSE:BJ), Williams-Sonoma (NYSE:WSM), Canadian Solar (NASDAQ:CSIQ), NetEase Games (NASDAQ:NTES), TD Bank (NYSE:TD), Viking Holdings (NYSE:VIK), and others will report before the market opens.

After the close, CAVA (NYSE:CAVA), Workday (NASDAQ:WDAY), Bill.com (NYSE:BILL), Intuit (NASDAQ:INTU), Ross Stores (NASDAQ:ROST), Red Robin (NASDAQ:RRGB), Macro Bank (NYSE:BMA), American Software (NASDAQ:AMSWA), and more are expected to report numbers.

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