Markets

US Futures Gain as Federal Reserve to Maintain Accommodative Rates

U.S. stock futures traded higher Thursday, adding to gains made after the Federal Reserve Open Market Committee said Wednesday it would retain "accommodative rates" for some time.

The FOMC forecast revisions revealed expected small downward revisions in GDP growth estimates for 2014 and 2015 and downward adjustments to the jobless rate estimates through 2016.

In economic data out Thursday, August housing starts out at 08:30 a.m. E.T. are expected to have slipped to 1.038 million from 1.093 million in July, within the consensus range between 0.995 million and 1.100 million, according to data compiled by Econoday. Housing permits are expected to have edged higher to 1.055 million from 1.052, within the range between 0.990 million and 1.111 million.

Initial jobless claims are expected to have dropped to 305,000 in the week ended Sept. 13 from 315,000 the preceding week. The consensus range is between 290,000 and 325,000.

In equities Rite Aid ( RAD ) fell nearly 8% in recent pre-market trade after lowering its FY 2015 guidance due to current estimates for reimbursement rates and lower profitability from new generics and generic drugs that recently lost exclusivity.

Yahoo ( YHOO ) added 1.3% ahead of the pricing of Chinese e-commerce giant Alibaba's ( BABA ) initial public offering. Yahoo is reportedly planning to sell about $9.5 billion of Alibaba's stock, which are expected to be priced after the market close Thursday and start trading on the New York Stock Exchange on Friday under the ticker BABA.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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