HP jumps in premarket trading, while oil falls on OPEC news
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U.S. stocks on Thursday looked on track to achieve their sixth up session in a row, helped in part by tech pioneer HP's earnings-driven premarket jump.
The gains are putting the S&P 500 on pace for a fresh record close, even with oil prices falling as traders track a much-anticipated meeting of key producers.
S&P 500 futures tacked on 7.10 points, or 0.3%, to 2,409.00, while Dow Jones Industrial Average futures added 74 points, or 0.4%, to 21,059. Nasdaq-100 futures gained 18.75 points, or 0.3%, to 5,750.00.
On Wednesday, the S&P rose 0.3% and closed at a record (http://www.marketwatch.com/story/us-stocks-set-for-5th-day-of-gains-ahead-of-fed-minutes-2017-05-24), while the Dow and Nasdaq Composite both advanced by 0.4% and notched their second highest closes ever. The moves higher came as the Federal Reserve signaled that most of its policy makers remain resolute about hiking interest rates (http://www.marketwatch.com/story/fed-minutes-show-broad-agreement-on-approach-to-start-shrinking-balance-sheet-2017-05-24-1491015) at their meeting next month.
In the oil market on Thursday, crude prices turned lower after Saudi Arabia's oil minister Khalid al-Falih ruled out deeper cuts (http://www.marketwatch.com/story/oil-prices-turn-sharply-lower-after-saudi-oil-minister-rules-out-deeper-cuts-2017-05-25) to production in any extension to an OPEC output agreement.
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It's "highly likely" that members of the Organization of the Petroleum Exporting Countries will agree to a nine-month extension to the current deal at Thursday's meeting in Vienna, Austria, he added.
Read: 4 potential outcomes for OPEC's crucial meeting (http://www.marketwatch.com/story/4-potential-outcomes-for-opecs-crucial-meeting-2017-05-19)
"Oil is very volatile as markets hang on every word coming from the OPEC meeting in Vienna. Headlines so far are not supporting the bull," said Neil Wilson, senior market analyst at ETX Capital, in a note.
Individual movers: Shares in HP Inc.(HPQ) rose 4% in premarket trading after the maker of PCs and printers late Wednesday reported better-than-expected quarterly results (http://www.marketwatch.com/story/hp-stock-jumps-more-than-7-after-earnings-beat-2017-05-24). The stock was the S&P 500's biggest premarket winner.
See:HP boosted by double bump from PC and printer growth (http://www.marketwatch.com/story/hp-boosted-by-double-whammy-of-pc-and-printer-growth-2017-05-24)
Retailers Best Buy Co.(BBY) , Dollar Tree Inc.(DLTR) and Signet Jewelers Ltd.(SIG) are among the companies expected to post earnings before the open, along with medical devices maker Medtronic PLC(MDT) and Spam producer Hormel Foods Corp.(HRL)
Economic news: A release on weekly jobless claims is slated to hit at 8:30 a.m. Eastern Time, with economists polled by MarketWatch forecasting 235,000 claims.
At that same time, an April report on U.S. advance trade in goods is due to arrive, with a deficit of $64 billion expected.
Fed Gov. Lael Brainard is scheduled to give a speech on global economic issues in Washington, D.C., at 10 a.m Eastern, and St. Louis Fed President James Bullard is slated to talk in Japan about the American economy after the U.S. market's close -- at 11 p.m. Eastern.
Other markets:European stocks (http://www.marketwatch.com/story/european-stocks-grapple-with-lower-liquidity-oil-price-volatility-2017-05-25) mostly traded slightly higher, while Asian markets closed with gains (http://www.marketwatch.com/story/asia-stocks-higher-south-korea-shares-soar-as-interest-rates-hold-steady-2017-05-25). Gold futures edged up, as a key dollar index inched lower.
(END) Dow Jones Newswires
May 25, 2017 06:18 ET (10:18 GMT)