Wall Street equity futures were little changed as traders awaited the another set of data readings on the strength of the economy and looked for clues on the outlook for rate hikes. The tone was less upbeat than in Europe, where positive earnings news…
Contracts for the S&P 500 and Nasdaq 100 were less than 0.1 per cent lower, after the two benchmarks advanced on Wednesday. Shopify Inc. dropped as much as 9.7 per cent in premarket trading after the cloud-based commerce platform’s first-quarter revenue forecast was weaker than expected. Cisco Systems Inc. gained after the communications equipment company raised its full-year outlook.
Stock investors have been encouraged by upbeat earnings reports and evidence of resilience in the economy combined with signs that inflation, even if it remains too high, is at least receding. After U.S. retail sales in January jumped by the most in almost two years and homebuilder sentiment rose in February, jobless claims and producer inflation figures due later Thursday will provide more data for Federal Reserve policymakers.
Elsewhere in stocks, France’s CAC 40 index headed toward a record close for the first time in more than a year, powered by renewed strength in luxury names thanks to China’s reopening from Covid lockdowns as well as robust earnings. Pernod Ricard SA jumped after the French spirits company’s results comfortably beat expectations and it announced a buyback of its own.
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