MARKET SNAPSHOT: Dow Set For A Fight To Stay Above 22,000; Tesla Shares Tear Higher

By Victor Reklaitis, MarketWatchFeaturesDow Jones Newswires

Tesla's stock jumps premarket following quarterly results as Nasdaq also looks to open slightly higher

U.S. stock futures on Thursday pointed to a muted open, setting the Dow industrial up for a fight to stay above 22,000--just one day after it topped that milestone for the first time.

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Meanwhile, an early reading of employment didn't cause much of a market reaction, as it showed weekly jobless claims holding at a 44-year low, underlining the health of the labor market. Initial jobless claims from July 23 to July 29 declined by 5,000 ( 240,000, while the average of new claims over the past month fell to 241,750.

Dow Jones Industrial Average futures traded up 9 points, or less than 0.1%, at 21,966.00, while S&P 500 futures gained less than a point at 2,474.25. Nasdaq-100 futures added 12.75 points, or 0.2%, to 5,923.50.

On Wednesday, the Dow rose by 52.32 points (, or 0.2%, to an all-time closing high of 22,016.24, while the S&P 500 and Nasdaq Composite finished roughly unchanged.

Check out:All of the important Dow milestones in one chart (

And see:How each Dow stock contributed to the 22,000 milestone (

Individual movers: Shares in Tesla Inc. (TSLA) traded 6.5% higher in premarket action after electric-car maker posted a smaller-than-anticipated quarterly loss ( late Wednesday.

Read:Tesla cheered as results beat, but Wall Street braces for capital raise (

And see:Tesla is a big public company, and Elon Musk must start acting like it (

American International Group Inc.(AIG) also looks on pace for an up day after the insurer's quarterly profit beat forecasts late Wednesday (

Ahead of the opening bell, satellite-TV provider Dish Network Corp.(DISH) posted a sharp drop in quarterly earnings and weaker-than-expected revenue (, while cleaning-products giant Clorox Co.'s (CLX) profit topped expectations (, as its sales matched views.

Kellogg Co. shares rose 0.9% in premarket trade after the Frosted Flakes producer delivered better-than-expected second-quarter results ( Net income was $282.0 million, or 80 cents per share, up from $280.0 million, or 79 cents per share, for the same period last year and adjusted earnings-per-share was 97 cents, beating the 92-cent FactSet consensus.

Shares of Teva Pharmaceutical Industries Ltd. (TEVA) plunged nearly 15% after the drugmaker missed fiscal second-quarter profit expectations ( and slashed its full-year outlook.

Allergan PLC(AGN) shares slipped even as the drugmaker lifted its full-year guidance for revenue in 2017 to $15.850 billion, compared with prior guidance of $15.800 billion. Shares were off 0.2%.

Health insurer Aetna Inc.(AET) after the health-care company's second-quarter earnings beat analyst forecasts ( Profit for the quarter came in at $1.2 billion, or $3.60 a share, up from $791 million, or $2.23 a share, a year ago. Shares jumped 4.4%.

Yum Brands Inc.'s(YUM) stock advanced after the fast-food conglomerate ( served up beat on earnings and delivered same-store sales growth.

See:Kraft Heinz earnings--have revenue estimates fallen enough to be beatable? (

Economic news: The July figure for Markit's purchasing managers index for services is due at 9:45 a.m. Eastern. Then 15 minutes later, ISM's nonmanufacturing index for the same month is expected, along with June data on factory orders. Economists anticipate a reading of 56.9% for the ISM gauge and 2.9% growth in factory orders.

Check out:MarketWatch's Economic Calendar (

A high-profile release ( on the job market is due Friday--the U.S. government's monthly data on nonfarm payrolls.

Other markets:The British pound ( lost ground as traders reacted to the Bank of England's "Super Thursday" releases. The U.K. central bank's Monetary Policy Committee voted to keep its key interest rate ( at 0.25% in a 6-2 vote. The ICE U.S. Dollar Index was up modestly.

Oil futures ( were little changed, while gold futures pulled back. European stocks ( were mixed, while Asian markets closed lower (

(END) Dow Jones Newswires

August 03, 2017 09:14 ET (13:14 GMT)