Best Buy, HP jump in premarket trading, while crude down after Saudi comments
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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 Best Buy and HP's earnings-driven premarket jumps.
The gains put the S&P 500 on pace for a fresh record close, even with oil prices falling as traders tracked a much-anticipated meeting of key producers.
S&P 500 futures tacked on 5.35 points, or 0.2%, to 2,407.25, while Dow Jones Industrial Average futures added 62 points, or 0.3%, to 21,047. Nasdaq-100 futures gained 17.75 points, or 0.3%, to 5,749.00.
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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But the Organization of the Petroleum Exporting Countries did agree to a nine-month extension (http://www.marketwatch.com/story/opec-says-it-will-extend-production-cuts-through-march-2018-2017-05-25) to the current deal at Thursday's meeting in Vienna, Austria, as expected.
"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.
Headlines may also come out as President Donald Trump continues his overseas trip, meeting European Union leaders (http://www.marketwatch.com/story/brexit-fan-trump-meets-eu-leaders-for-the-first-time-2017-05-25) -- new French President Emmanuel Macron (http://www.marketwatch.com/story/macron-tests-the-limits-of-frances-fifth-republic-2017-05-19) in particular -- and then attending NATO events.
Individual movers: Shares in Best Buy Co.(BBY) soared 12% in premarket trade, after the retailer beat profit expectations (http://www.marketwatch.com/story/best-buys-stock-rockets-after-profit-and-sales-beat-upbeat-guidance-2017-05-25), reported a surprise increase same-store sales and provided an upbeat outlook.
Medical devices maker Medtronic PLC(MDT) was up 4% premarket after earnings and revenue topped views (http://www.marketwatch.com/story/medtronic-profit-and-sales-rise-beat-expectations-2017-05-25).
HP Inc.(HPQ) rose 4% ahead of the bell as 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).
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)
But Signet Jewelers Ltd.(SIG) was 4% lower premarket after the retailer's earnings fell short of forecasts, (http://www.marketwatch.com/story/signet-jewelers-earnings-fall-short-unveils-plan-to-outsource-credit-portfolio-2017-05-25) and Dollar Tree Inc.(DLTR) was also falling after its quarterly results (http://www.marketwatch.com/story/dollar-tree-earnings-meet-expectations-tweaks-full-year-outlook-2017-05-25).
Spam producer Hormel Foods Corp.(HRL) posted disappointing quarterly sales, saying pressure on its Jennie-O Turkey Store will continue (http://www.marketwatch.com/story/hormel-sales-falls-short-with-pressure-from-jennie-o-turkey-store-expected-to-continue-2017-05-25).
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) traded slightly lower, 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 gained, as a key dollar index inched lower.
(END) Dow Jones Newswires
May 25, 2017 07:53 ET (11:53 GMT)