The Dow Jones Industrial Average closed at a record high in the prior session, its fifth straight positive day, and futures pointed to further gains early Thursday. Fed Governor Lisa Cook said she remains ready to back an interest rate hike unless inflation cools further.
Dow futures rose early Thursday, building on the Dow Jones Industrial Average's record close in the prior session, as Wall Street looked toward another wave of corporate earnings. Dow futures added 178 points, or 0.33%, while S&P 500 futures gained 0.14% and Nasdaq 100 futures slipped 0.48%.
In the previous regular session, the Dow gained 263.24 points, or 0.49%, marking a record close and its fifth positive day in a row.
But the rally did not carry across the board. The S&P 500 pulled back 0.17%, snapping a four-day win streak, while the Nasdaq Composite dropped 0.83%.
Investors have also drawn encouragement from signs that Middle East tensions could ease, which has put oil on a cooling trend in recent days.
Earnings and jobs data ahead
Wall Street's attention now turns to Thursday's earnings slate, with Warner Bros. Discovery reporting before the bell and Airbnb and Lyft following after the close. Weekly jobless claims are due Thursday morning as well.
Fed's Cook signals readiness on rates
According to CNBC, Cook said she is "prepared to act" on an interest rate hike unless signs of continued disinflation emerge, speaking during an appearance in Anchorage, Alaska. She warned that five years of above-target inflation raises the risk it may become entrenched in price- and wage-setting behavior.
July's payrolls report is due out Friday morning.
Source: CNBC
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