Market Snapshot: U.S. inventory futures level to bounce again on Wall Road

U.S. stock index futures on Thursday were pointing to a bounce back as more corporate earnings were reported for the quarter, though the main benchmarks remained as key indexes remain locked the range of the past few trading sessions.

What’s happening

Dow Jones Industrial Average futures
rose 244 points, or 0.7%, to 34239.

S&P 500 futures
gained 34.75 points, or 0.8%, to 4165.

Nasdaq 100 futures
increased 149.5 points, or 1.2%, to 12695.

On Wednesday, the Dow Jones Industrial Average
fell 208 points, or 0.61%, to 33949, the S&P 500
declined 46 points, or 1.11%, to 4118, and the Nasdaq Composite
dropped 203 points, or 1.68%, to 11911.

What’s driving markets

The S&P 500 index hasn’t gone above 4,200, or below 4,000, this month.

“It feels like the market is transitioning into a tighter range before getting new information on which to decide whether to continue to uptrend or reverse lower,” said Peter Garnry, head of equity strategy at Saxo Bank. “The signs are leaning towards a cyclical uptrend, but the signal-to-noise level remains low across many macro indicators.”

Several companies reported their quarterly results, including Disney
whose stock rose after the company posted smaller-than-expected subscriber losses in its streaming video business along with earnings and revenue that beat estimates and the layoff of 7,000 staff.

There’s another full slate of earnings due Thursday including releases from PepsiCo
and Kelloggs

There’s not much on the U.S. economic calendar besides the release of weekly jobless benefit claims, as traders start to look ahead of the release of the January consumer price index on Tuesday.

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