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US Futures Rise as Oil Hits New High; Data on Tap

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US stock futures rose Thursday, continuing the market's upbeat momentum for the first week of 2018, as oil prices reached their highest level in 2.5 years and ahead of the release of a slew of economic data.

Oil prices nudged higher, with global benchmark Brent Crude up 0.16%, while US crude West Texas Intermediate was up 0.47% recently. Political unrest in Iran that has raised concerns about supply risks.

The ADP employment report showed a surprise gain to 25,000 in December compared to a revised level of 185,000. Economists expected it to remain steady around 180,000, according to data compiled by Econoday.

At 8:30 am, unemployment claims are expected to come in at 240,000 for the Dec. 30 week vs. 245,000 in the prior week.

At 9:45 am, PMI services is expected to slow to 52.4 in December vs the prior level of 54.5.

Federal Reserve President James Bullard is scheduled to give a speech in Philadelphia.

In equities, shares of ChinaNet-Online Holdings ( CNET ) were 129.1% higher pre-bell after the company entered into a strategic partnership with Wuxi Jingtum Network Technolgoy to jointly develop blockchain applications.

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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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