The Nasdaq 100 led stock futures higher early Thursday, as the market looked to retake ground ceded Wednesday in its first serious pause of 2018.
[ibd-display-video id=3075292 width=50 float=left autostart=true] Nasdaq 100 futures climbed 0.3% above fair value, as Apple ( AAPL ) and all four FANG stocks registered healthy premarket gains. Futures for the Dow Jones industrial average and the S&P 500 each ticked 0.2% higher.
Global markets showed mild relief. U.S. bonds and the dollar did rebound, though, after China's foreign exchange regulator released a statement denying news reports which on Wednesday said banking officials were contemplating slowing or halting purchases of U.S. debt . The statement said the Bloomberg report may have used "wrong information sources, and may have been fake news."
The South China Morning Post reported the move could be a Beijing political tactic. The news outlet quoted a China-based economist saying, "it could be an intentional leak to warn the Trump Administration that China has some levers to pull in responding to any punitive protectionist measures on trade."
Hong Kong's Hang Seng Index managed a 0.2% gain, adding a 13th session to what has now become its longest run up since 1999. The benchmark is up 0.4% since the start of the year and almost 11% above a Dec. 7 low. In Japan, Tokyo's Nikkei 225 slipped 0.3%, down for a second day as the index pauses after its year-opening rally.
In Europe, stocks coasted in narrowly mixed trade into their afternoon session. Frankfurt's DAX was down 0.2%, Paris' CAC-40 dipped a fraction and the FTSE 100 in London gained less than 0.1%.
Apple Eyes Rebound; KB Home, Delta Air Get Earnings Lift
On the Dow, General Electric ( GE ) punched out an early lead, up 1.3% as the stock aims to continue rising off its Dec. 28 low.
Apple added 0.2%, looking to stem a three-day slip as the stock continues feeling its way along support at its 10-week moving average . Shares are a shade more than 1% below a flat base buy point at 176.34.
Netflix ( NFLX ) rose 0.9%, an early leader among the FANG stocks. Barclays initiated coverage on the stock with an overweight rating and a price target at 245 - almost 16% above Wednesday's closing price. Netflix shares are nearing the top of a buy range above a 204.48 flat base buy point.
Expedia ( EXPE ) led the Nasdaq 100, up 2.6% in premarket trade after Morgan Stanley raised the stock to overweight, from equal weight. Expedia shares have been fighting to climb off the bottom of a six-month consolidation.
Some heavyweight earnings reports began rolling in, with KB Home ( KBH ) up 3.4% after reporting a solid fourth-quarter beat late Wednesday. Management's 2018 outlook cited " solid demand for housing driven by healthy employment, rising household incomes and strong consumer confidence ." The stock is extended, up more than 40% since clearing a cup base in October.
Delta Air Lines (DAL) glided 3.7% higher. Its fourth-quarter sales and earnings topped analysts' expectations . First-quarter earnings guidance was below consensus targets, but the company lifted its full-year earnings outlook based on tax reform-related benefits. Shares traded Wednesday in a buy range above a 54.16 buy point.
Progress Software (PRGS) spiked 9% in premarket trade. The database software developer reported late Wednesday above-forecast fourth-quarter revenue and earnings, with first-quarter and full-year earnings guidance also topping consensus views. The stock closed on Wednesday in a buy range above a 43.07 buy point.
Xerox (XRX) climbed more than 6% ahead of the open, boosted by news reports that the company was discussing a "major deal" with Japan-based Fuji Film Holdings. The report said a full takeover was not in the offing, but an array of possible deals included a possible change of control at Xerox. Xerox shares are attempting to start up the right side of a deep, four-month consolidation.
Jobless Claims, Producer Prices Slip; Dudley To Give Outlook
First time unemployment applications rose for a fifth straight week, up 4% to 261,000 in the week ended Dec. 6, the Labor Department reported. Economists had estimated a decrease to 245,000 claims.
Prices paid to producers declined 0.1% in December, reversing November's 0.4% advance and coming in below consensus expectations for a 0.2% increase. Core prices, minus energy and food, were also down 0.1%, vs. a 0.3% gain in November and estimates for a 0.2% rise.
The Treasury Department is expected to release its December budget numbers at 2 p.m. ET. New York Federal Reserve Bank President William Dudley is scheduled to comment on the U.S. economic outlook for 2018 for the Securities Industry and Financial Markets Association in New York at 3:30 p.m. ET.
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