U.S. futures markets were higher in early morning trading on Thursday, as investors look to extend the rally that pushed the S&P into records level this week.
Dow, S&P, and Nasdaq futures were all higher, with the tech-heavy Nasdaq seeing the biggest gain.
On Wednesday, the S&P traded to 4,079.95 after a late in the session pop. The level is significant but, some market watchers say we’re just getting started. Though site publisher Trish Regan is urging caution she has pointed to the record amount of stimulus from both monetary and fiscal sources will contribute to more upside and the S&P could even more than double before the end of the decade. You can check out here thoughts here.
Much of the market seems to be seeking clues from the Federal Reserve, at present…and so far, it likes what it hears. Investors digested the Fed’s latest meeting minutes on Wednesday — which indicated that the Fed intends to keep the status quo of low rates through 2024 despite any initial signs of inflation.
There are growing concerns about a rise in corporate taxes, meanwhile. The Biden Administration has proposed a 28% tax, up from the current 21% to help pay for an ambitious infrastructure plan. However, the tax hike is not expected to see the light of day given the resistance of the GOP and a key Democrat, Senator Joe Manchin from West Virginia.
On Thursday, investors will be watching for the Labor Department’s latest read on the number of people filling for unemployment benefits for the first time in the latest week. Most economists anticipate that the number will be less than 700,000.