U.S. futures mostly point higher ahead of crucial U.S. GDP data

By Scott Kanowsky

Investing.com -- Wall Street futures mostly gained on Thursday as investors looked ahead to the release of key U.S. economic data and examined a fresh set of corporate results.

At 06:55 ET (11:55 GMT), S&P 500 futures traded 7 points, or 0.19% higher, and Nasdaq 100 futures edged up 67 points, or 0.56%. The Dow futures contract lagged, dropping 28 points, or 0.08%.

The indexes finished the previous session mixed following a choppy series of company earnings. The Dow Jones Industrial Average rose by 0.03% and the tech-heavy Nasdaq Composite inched down 0.18%, while the S&P 500 closed broadly flat.

U.S. equities are receiving a strong handover from Asia, where stocks touched a fresh seven-month peak following the resumption of dealmaking in Hong Kong after a three-day holiday for Lunar New Year celebrations. The MSCI's broadest index of Asia-Pacific shares also rallied, adding on to a buoyant start to 2023 that has been fueled by hopes of a slowdown in U.S. Federal Reserve interest rate hikes and a recovery in the Chinese economy following the sudden relaxation of COVID-19 rules in the country.

Stocks in Europe also gained slightly, with the regional STOXX 600 adding 0.41%.

Attention will turn later in the day to the release of key preliminary fourth-quarter U.S. gross domestic product figures. Economists expect growth in the world's largest economy decelerated to 2.6% from 3.2% in the prior three-month period.

In the backdrop ahead of the opening bell in New York were results from Tesla Inc (NASDAQ: TSLA ). Chief executive officer Elon Musk issued an upbeat outlook for the year, citing the success of recent price cuts in stoking demand for the company's electric vehicles.

His comments on a conference call suggested deliveries of 1.8 million cars this year, which would represent growth of some 37% from 2022 – below the company’s 50% target. While production of its pickup truck is set to start later this year, high-volume output won’t start until 2024, Musk said.

Shares in Tesla surged by 7% in premarket trading.

Elsewhere, several companies are reporting their latest earnings today, including Comcast Corp (NASDAQ: CMCSA ), Mastercard Inc (NYSE: MA ), and Blackstone Group Inc (NYSE: BX ), as well as Visa Inc (NYSE: V ) and Intel Corp (NASDAQ: INTC ) after the close.

In energy markets, hopes for a solid Chinese rebound in demand as well as a weaker dollar , were in focus for traders. By 07:12 ET, U.S. crude futures were 1.02% higher at $80.97 a barrel, while the Brent contract rose by 0.88% to $86.88 per barrel.

Additionally, gold futures edged down 0.37% to $1,935.35/oz, while EUR/USD was lower by 0.20% at 1.0893.