Wall Street Set To Bounce Back

A slew of U.S. economic data, including reports on weekly jobless claims, Philadelphia-area manufacturing activity and leading U.S. economic indicators might be the highlights on Thursday.

Early cues from the U.S. Futures Index suggest that Wall Street might open positive.
Asian shares finished broadly lower, while European shares are trading in negative territory.

As of 7.00 am ET, the Dow futures were up 154.00 points, the S&P 500 futures were adding 21.00 points and the Nasdaq 100 futures were progressing 104.25 points.
The U.S. major averages ended lower on Wednesday. The Dow slumped 475.92 points or 1.3 percent to 37,082.00, the Nasdaq dove 225.28 points or 1.5 percent to 14,777.93 and the S&P 500 tumbled 70.02 points or 1.5 percent to 4,698.35.

On the economic front, the GDP for the third quarter will be released at 8.30 am ET. The consensus is for an increase of 5.2 percent, while it was up 5.2 percent in the prior quarter.

The Jobless Claim for the week is expected at 8.30 am ET. The consensus is 210K, while it was up 202K in the prior week.

The Philadelphia Fed Manufacturing Index for December will be published at 8.30 am ET. The consensus is for minus 3.0, while it was minus 5.9 in the prior month.

The Leading Indicators for November is expected at 10.00 am T. The consensus is for a decline of $0.4 percent, while it was down 0.8 percent in the previous month.

The Energy Information Administration or EIA’s Natural Gas report for the week is scheduled at 10.30 am ET. In the prior week, the gas stock was down 55 bcf.

Five-year Treasury Inflation-Protected Securities or TIPS auction will be held at 1.00 pm ET.

The Fed Balance Sheet for the week will be published at 4.30 pm ET. In the prior week, the level was at $7.740 trillion.

Asian stocks ended mostly lower on Thursday. Chinese shares bounced back. The benchmark Shanghai Composite index rose 0.57 percent to 2,918.71 while Hong Kong’s Hang Seng index finished marginally higher at 16,621.13.

Japanese markets…