Futures Point Higher as Tech Earnings, GDP Data Loom

U.S. equity futures edged higher Thursday, setting up a potentially positive open after two days of mixed trading. The S&P 500 and Nasdaq both pointed to gains of roughly 0.3% in pre-market action, while the Dow Jones Industrial Average futures added about 50 points.

The move came as traders positioned ahead of a heavy data calendar. The first reading of first-quarter gross domestic product is due at 8:30 a.m. ET, with economists polled by Reuters expecting an annualized growth rate of 2.5%. A miss on the headline number would refocus attention on the Federal Reserve's rate path, while a beat could reinforce the case for holding rates higher for longer.

Asian markets closed mostly lower overnight. Japan's Nikkei 225 fell 0.8%, dragged by semiconductor stocks after a weak session on Wall Street. Hong Kong's Hang Seng slipped 0.5%, and China's Shanghai Composite lost 0.3%. European bourses traded in positive territory, with the Stoxx 600 up 0.4% as energy and mining stocks gained.

Tech earnings remain the dominant catalyst this week. Microsoft and Alphabet both report after the closing bell, and options markets are pricing in a combined swing of roughly $200 billion in market cap across the two names. Meta Platforms and Amazon follow next week. The results will test whether the AI-driven rally that lifted the Nasdaq 16% this year has room to run.

Treasury yields edged lower in early trading. The 10-year note yielded 4.62%, down 2 basis points from Wednesday's close. The dollar index was flat near 105.7. Crude oil rose 0.6% to $83.20 a barrel, supported by a larger-than-expected drawdown in U.S. crude inventories reported Wednesday by the Energy Information Administration.

Gold slipped 0.3% to $2,320 an ounce, extending its decline from last week's record high. The metal has lost about 3% since peaking at $2,397 on April 19, as fading expectations for near-term Fed rate cuts weigh on the non-yielding asset.

The GDP print at 8:30 a.m. is the first major data point of the session. Weekly jobless claims are due at the same time, with analysts expecting 215,000 new filings.