(RTTNews.com) - After ending the previous session notably higher, stocks may see some further upside in early trading on Thursday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 69 points.
The futures remained positive following the release of a Labor Department report showing a slightly smaller than expected increase in consumer prices in the month of April.
The Labor Department said its consumer price index rose by 0.2 percent in April after edging down by 0.1 percent in March. Economists had expected consumer prices to climb by 0.3 percent.
Excluding food and energy prices, core consumer prices inched up by 0.1 percent in April after rising by 0.2 percent in the previous month. Core prices had been expected to rise by 0.2 percent.
A separate report from the Labor Department showed initial jobless claims unexpectedly came in unchanged in the week ended May 5th.
The report said initial jobless claims came in at 211,000, unchanged from the previous week's unrevised level. Economists had expected jobless claims to rise to 218,000.
Among individual stocks, Shares of Roku (ROKU) are moving significantly higher in pre-market trading after the video streaming company reported a narrower than expected first quarter loss and provided upbeat guidance.
Chipmaker Qualcomm (QCOM) is also seeing pre-market strength after announcing a new $10 billion stock repurchase.
On the other hand, shares of Nuance Communications ( NUAN ) is likely to come under pressure after the voice and language technology company reported weaker than expected second quarter earnings and gave disappointing guidance.
After ending Tuesday's trading roughly flat, stocks showed a notable move to the upside during the trading day on Wednesday. The major averages all climbed firmly into positive territory after closing on opposite sides of the unchanged line on Tuesday.
The major averages closed significantly higher but off their best levels of the day. The Dow advanced 182.19 points or 0.8 percent to 24,542.40, the Nasdaq jumped 73.00 points or 1 percent to 7,339.90 and the S&P 500 surged up 25.87 points or 1 percent to 2,697.79.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Thursday. Japan's Nikkei 225 Index rose by 0.3 percent, while Hong Kong's Hang Seng Index advanced by 0.9 percent.
The major European markets are also seeing some strength on the day. While the U.K.'s FTSE 100 Index is just above the unchanged line, the French CAC 40 Index is up by 0.1 percent and the German DAX Index is up by 0.3 percent.
In commodities trading, crude oil futures are climbing $0.43 to $71.57 a barrel after spiking $2.08 to $71.14 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,320.90, up $7.90 compared to the previous session's close of $1,313. On Wednesday, gold edged down $0.70.
On the currency front, the U.S. dollar is trading at 109.45 yen compared to the 109.74 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1921 compared to yesterday's $1.1851.
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