[video] Stock Futures Point to a Wall Street Rebound
NEW YORK (TheStreet) -- U.S. stock futures were pointing to a rebound on Wall Street Thursday as the investment community anticipated a decline in weekly initial jobless claims and other economic gauges, as well as a vote in favor of the nomination of Janet Yellen's as the net Federal Reserve chief.
Futures for the S&P 500 were gaining 3.5 points, or 4.48 points above fair value, to 1,783.25. Futures for the Dow Jones Industrial Average were up 38 points, or 48.18 points above fair value, to 15,916.
Futures for Nasdaq were up 10.5 points, or 10.68 points above fair value, to 3,377.
Markets dropped on Wednesday after the Federal Reserve's policymaking minutes suggested the central bank will scale back its economic stimulus in the coming months.
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The Senate Banking Committee is planning to vote on President Obama's nomination of Yellen, who has been a key figure behind the current record accommodative measures in the U.S. The vote is expected to go to the full Senate for final confirmation after approval by the Banking Committee.
Initial jobless claims for the week of Nov. 16 and the October producer price index will be released at 8:30 a.m. EST.
Economists are looking for jobless claims to have fallen to 335,000 from 339,000.
The PPI is expected to fall 0.2%, cooling further from the prior month's 0.1% downtick.
The Philadelphia Fed's Business Outlook Survey for November will be published at 10 a.m. Economists are estimating a drop to 15 from 19.8 in October.
Fed-speak Thursday includes at St Louis Federal Reserve Bank President James Bullard at 8 a.m., Fed Governor Jerome Powell at 9:45 a.m., and Richmond Fed President Jeffrey Lacker at 12:30 p.m.
Overseas markets were mixed after an indication of a weakening in Chinese manufacturing activity in November and mixed business activity numbers out of Europe.
The DAX in Germany was down 0.32% and the FTSE in London was up 0.07%. Hong Kong's Hang Seng closed behind by 0.51% while the Nikkei 225 in Japan rose 1.92%.
The 10-year Treasury was off 1/32, raising the yield to 2.807%.
The U.S. dollar index was up 0.02% to $81.13.
Oil for January delivery was down 4 cents to $93.81 a barrel.
December gold futures were dropping $11.10 to $1,246.90 an ounce.
-- Written by Andrea Tse