U.S. stock index futures rose on Thursday as fears of a banking crisis eased, while investor focus turned to key consumer spending data for cues on the Federal Reserve's policy path.
U.S. jobless claims rise by 7,000 to 198,000 — the highest level in three weeks
U.S. fourth-quarter GDP revised to annual growth rate of 2.6% from 2.7%
Market Snapshot
At 8:20 a.m. ET, Dow e-minis were up 197 points, or 0.60%, S&P 500 e-minis were up 24.25 points, or 0.60%, and Nasdaq 100 e-minis were up 80 points, or 0.62%.
Pre-Market Movers
Major tech and growth names such as Microsoft, Tesla and Amazon.com, which were among the biggest boosts to equities in the previous session, rose between 0.5% and 1% before the opening bell.
Among other stocks, Faraday Future Intelligent Electric Inc jumped 12% premarket after the company said it has started production of its first luxury electric car after a months-long delay.
Streaming platform Roku Inc gained 3% on plans to cut about 200 jobs.
Charles Schwab Corp dropped 1.6% after Morgan Stanley downgraded the investment bank's stock to "equal weight" from "overweight".
Market News
Faraday Future starts EV production of FF 91
Faraday Future Intelligent Electric Inc said on Wednesday it has started production of its much-delayed first luxury electric car, FF 91 Futurist, at its California factory.
Last November, the Los Angeles-based electric-vehicle company had raised doubts about its ability to continue as a "going concern" and the delivery timeline for FF 91, shortly after it underwent a board reshuffle following a governance dispute with its largest shareholder.
Delivery of the sports utility vehicle was originally slated to start in late-2022.
Tesla Expects Reduced Tax Credit for Model 3 By March-End
Tesla Inc said a $7,500 tax credit in place since January will be reduced for its Model 3 ear-wheel drive by March 31, subject to guidance due this week from the U.S. Treasury Department on the sources of battery components.
The Treasury Department is due to issue guidance on sourcing of electric vehicle (EV) batteries by Friday that will impact the credit available for some EVs. The credit is in effect for deliveries taken before the updated guidance is issued.
Apple Sets June Dates for Developer Conference
Apple set the date for its annual Worldwide Developers Conference for early June, when it is expected to reveal its newest technology. Some are hoping to see a much-anticipated virtual reality headset.
It's the iPhone maker's biggest annual conference, when it usually reveals new gadgets. This year it will be streamed online on Apple's (ticker: AAPL) website from June 5 to 9, with a first day in-person event also set aside for developers and students at its Cupertino, Calif., headquarters.
Meta Explores Ban on Political Ads in Europe
Meta Platforms Inc executives are discussing a company-wide ban on political advertising in Europe due to concerns that Facebook and Instagram will be unable to comply with upcoming EU regulations targeting online campaigns, the Financial Times reported on Thursday.
EU lawmakers in February agreed to tougher rules on targeted political advertising aimed at countering misinformation during elections. The proposed rules require U.S. tech giants to provide more data on their targeted political ads, with fines up to 4% of their global turnover for breaches.
Roku to cut 200 jobs as part of a restructuring plan
Roku Inc. said it plans to cut about 200 jobs, or some 6% of its workforce, as the company looks to cut costs and focus on high-priority projects.
The maker of streaming hardware said it also plans to stop using or subleasing certain offices that it doesn't currently occupy.
Roku said Thursday in a securities filing that it approved the restructuring plan on Wednesday. The company is looking to slash operating costs and focus on projects that it believes "will have a higher return on investment."