Home / Business / Money / More jobs data, ECB loom on Wall Street

More jobs data, ECB loom on Wall Street

Wall Street looked set to turn lower at Thursday’s market open, as caution over the European Central Bank’s forthcoming announcement overshadowed record gains on Wednesday.

More jobs data, ECB loom on Wall Street

Wall Street looked set to turn lower at Thursday’s market open, as caution over the European Central Bank’s forthcoming announcement overshadowed record gains on Wednesday.

Read More – Track US stock index futures

While no interest rate move is expected from the ECB, analysts will look for hints on further stimulus after recent weak economic data. Former Federal Reserve Chairman Ben Bernanke said late on Wednesday that the ECB would have a rough time implementing US-style quantitative easing.

“The ECB is set to remain on hold. However, given still low growth and inflation, Draghi is likely to keep the door open to further actions,” said analysts at Societe Generale in a note.

Meanwhile, the Dow and S&P 500 rose to historical peaks overnight, after the Republicans take control of the Senate, and a better-than-expected jobs report. Private employers added 230,000 jobs in October, a seventh month of job creation. The data came before Friday’s non-farm payrolls report, which is expected to show slower job gains in October.

On Thursday, there will also be job market indicators, with the Challenger job cuts report for October out at 7:30 a.m. ET and weekly initial jobless claims at 8:30 a.m.

AOL and Wendy’s will post quarterly numbers before Wall Street opens on Thursday. Disney and Tekmira Pharmaceuticals will report after US markets close.

In addition, Fed official Charles Evans will speak publicly in Chicago. Also due is more national accounts data, with the preliminary readings for non-farm productivity and unit labor costs for the third quarter.

Leave a Reply

x

Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...