US pre-open: Stocks seen a little higher ahead of data deluge
US futures pointed to a slightly firmer open on Wall Street on Thursday as investors eyed a raft of economic data releases.
At 1130 BST, Dow Jones Industrial Average futures were up 0.3%, while S&P 500 and Nasdaq futures were 0.2% higher. Stocks ended in the black on Wednesday following an upward revision to second-quarter US gross domestic product figures and the release of a better-than-expected ADP employment report.
Meanwhile, the dollar was up 0.5% against the pound at 0.7772, and 0.3% higher versus the euro and the yen at 0.8439 and 110.59, respectively.
Spreadex analyst Connor Campbell said: "If the dollar is still hungry for data then it has a five course meal to dine out on this afternoon. Arguably the most important item is the core PCE price index reading, given that it is reportedly the Fed’s favourite inflation measurement; the dollar likely won’t find much joy here, however, considering it's expected to remain unchanged at 0.1%.
"Elsewhere the personal spending and jobless claims numbers come out before the bell, with the Chicago PMI and pending home sales figures released once things have are up and running on Wall Street."
The report on personal income and consumer spending is a due at 1330 BST, along with initial jobless claims, while the Chicago purchasing managers' index is at 1445 BST and pending home sales are at 1500 BST.
After the deluge of data on Thursday, the next big focus will be Friday's non-farm payrolls report as investors look for clues on hiring, wages and potential inflation pressures.
Investors were likely to take comfort from some encouraging Chinese manufacturing figures. The country's official manufacturing purchasing managers' index for August printed at 51.7, up a touch from 51.4 in July and above expectations for a nudge down to 51.3. A reading above 50 indicates expansion.
In corporate news, Dollar General and Campbell Soup were among the companies slated to report earnings before the opening bell.