US Futures Higher as Traders Digest Biden's Infrastructure Plan

Thursday, April 1, 2021 8:23 AM | MT Newswires

US stock futures were higher Thursday, with futures of tech-heavy Nasdaq index posting sharp gains following upbeat earnings and guidance from memory chip maker Micron (MU), while traders evaluated US President Joe Biden's $2 trillion infrastructure plan.

Dow Jones Industrial Average futures gained 0.1%, S&P futures increased 0.4%, and Nasdaq futures rose 1%.

Biden unveiled Wednesday details of his infrastructure spending plan that includes modernizing roads and bridges, expanding broadband internet access and boosting funding for research and development.

Oil prices edged higher, with global benchmark Brent Crude up 0.2% and US West Texas Intermediate up 0.2%, after official data showed a weekly draw in US crude stockpiles.

At 8:30 am, data are expected to show new unemployment claims coming in at 680,000 for the March 27 week versus 684,000 in the previous week, according to Bloomberg data.

At 9:45 am, March consensus for the Purchasing Managers' Manufacturing index is at 59.0 against February's 58.6.

At 10 am, forecasters see a 0.8% downtick in construction spending for February following a 1.7% gain in the previous month. The Institute for Supply Management Manufacturing index is expected to come in at 61.4 in March versus 60.8 previous.

In equities, shares of AgEagle Aerial Systems (UAVS) were 20% higher pre-bell after the company reported a sharp increase in revenue for 2020.

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