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The
Labor Department's report is expected to show jobless claims
dipped slightly last week, although new restrictions in several
states to control COVID-19 infections could again slow the labor
market's rebound from a recession.
Hopes of a vaccine and recent data suggesting business activity
would bounce back next year have lifted Wall Street's main
indexes to record highs this month and set the benchmark S&P 500
on course for its best November ever.
Market participants said they expected U.S. stocks to climb even
higher, with a recent Reuters poll showing the S&P 500 is poised
to climb another 9% between now and the end of 2021. The index
has surged 66% since the coronavirus-led crash in March and is
up about 12.5% so far this year.
As investors returned to cyclical sectors such as industrials
and energy, which are set to benefit most from an economic
recovery, the S&P value index gained about 11% this month after
underperforming the benchmark index all year.
However, on Wednesday, futures linked to the Nasdaq 100
outperformed those tied to the S&P 500 and the Dow, indicating
that technology mega-caps could be favored as traders also await
other crucial economic indicators due later in the day.
At 6:53 a.m. ET, Dow e-minis were down 63 points, or 0.21%, S&P
500 e-minis were down 2.75 points, or 0.08%, and Nasdaq 100
e-minis were up 30.5 points, or 0.25%.
Trading volumes are expected to be light ahead of the
Thanksgiving Day holiday on Thursday.
Among individual stocks, Gap Inc edged lower in premarket
trading as the apparel retailer missed quarterly profit
expectations on Tuesday.
(Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Arun
Koyyur)
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