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S&P Poised to Pause After Best Rally Since May

By Markets FOXBusiness

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S&P 500 futures were little changed on Thursday after the broad-market index's best day since May.

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As of 8:40 a.m. ET, Dow Jones Industrial Average futures rose 10 points, or 0.06%, to 16828, S&P 500 futures advanced 1.3 points, or 0.06%, to 1951 and Nadaq 100 futures climbed 1.7 points, or 0.04%, to 3798.

Dovish remarks from the Federal Reserve, at least temporarily, ignited some optimism on Wall Street. The broad S&P 500 climbed the most since late May and set a new record high. 

There are two reports on the economic calendar that traders will pay close attention to. 

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The Labor Department said the number of Americans filing for first-time unemployment benefits fell last week to 312,000 from an upwardly revised 318,000 the week prior. Wall Street expected claims to fall to 314,000 from an initially reported 317,000.

Later, at 10:00 a.m. ET, traders will get a look at manufacturing conditions in the mid-Atlantic region. The Philadelphia Federal Reserve's purchasing managers index likely fell to 14 in June from 15.4 in May. Readings above 0 point to expansion, while those below indicate contraction. 

On the corporate front, BlackBerry (BBRY) shares rallied as the recovering smartphone maker posted a narrower-than-expected adjusted quarterly loss. 

Elsewhere, U.S. crude oil futures rose 27 cents, or 0.25%, to $106.24 a barrel. Wholesale New York Harbor gasoline gained 0.59% to $3.116 a gallon. Gold advanced $9.60, or 0.75%, to $1,282 a troy ounce. 

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