FX.co ★ U.S. Stocks May Move To The Upside As Traders Digest Data

On Thursday, traders are set to digest a range of essential U.S. economic data, and it is anticipated that stocks may edge upward in early trading. Currently, the primary index futures are hinting at a modestly brighter market opening, with the S&P 500 futures appreciating by 0.2 percent.

Even after the Labor Department disclosed a report showing a steeper than expected rise in producer prices for February, futures maintained a positive outlook. The increase in the producer price index for final demand escalated by 0.6 percent in February following a 0.3 percent rise in January — an increase beyond the expected rise of 0.3 percent.

Moreover, the annual rate of producer price growth rose to 1.6 percent in February, improving from the revised 1.0 percent in January. The year-over-year price growth was initially projected to go up to 1.1 percent from the initial 0.9 percent reported the previous month.

In the meantime, a report from the Commerce Department revealed that retail sales recovered in February, although the increase failed to meet economist's predictions. Retail sales rose by 0.6 percent in February following a revised drop of 1.1 percent in January. Excluding sales from motor vehicle and parts dealers, retail sales in February saw a growth of 0.3 percent after a decline of 0.8 percent in January.

Furthermore, the Labor Department issued a report demonstrating a minor decrease in first-time unemployment benefit claims for the week ending February 9th. The number of individuals claiming unemployment benefits for the first time fell to 209,000, dropping by 1,000 from the previous week's revised level.

Upon the start of trading, the Commerce Department is expected to announce its report on business inventories for January. Business inventories are predicted to grow by 0.2 percent in January after a boost of 0.4 percent in December.

Stock performance was mostly uneventful during Wednesday's trading following a significant rebound on Tuesday. The major averages hovered around the break-even point for most of the day before experiencing mixed closings.

In overseas trading, stocks across the Asia-Pacific market exhibited another mixed performance on Thursday. Despite Japan's Nikkei 225 Index growing by 0.3 percent, China's Shanghai Composite Index registered a 0.2 percent dip, and Hong Kong's Hang Seng Index fell by 0.7 percent.

Concurrently, European stocks have principally risen for the day. The French CAC 40 Index has escalated by 0.8 percent, and the German DAX Index has increased by 0.3 percent. Yet, the U.K.'s FTSE 100 Index is slightly below the break-even line.

In commodities trading, crude oil futures are ascending by $0.74 to $80.46 a barrel subsequent to a surge of $2.16 to $79.72 a barrel on Wednesday. However, after going up by $14.70 to $2,180.80 an ounce in the previous session, gold futures are declining by $11.70 to $2,169.10 an ounce.

In the currency market, the U.S. dollar is traded at 147.65 yen, slightly down from the 147.76 yen it fetched at the New York trading session close on Wednesday. Against the euro, the dollar stands at $1.0939 compared to Wednesday’s $1.0948.