© Reuters
By Peter Nurse
Investing.com — U.S. stocks are seen opening higher Thursday, boosted by strong after hours quarterly reports from the likes of Tesla and United Airlines as investors digest the nascent quarterly corporate earnings season.
At 7 AM ET (1100 GMT), the contract was up 220 points, or 0.6%, traded 35 points, or 0.8%, higher and climbed 155 points, or 1.1%.
Investors are keeping a keen eye on this quarter earnings season, looking for updates on how companies are positioning for higher interest rates amid red-hot inflation.
Tesla (NASDAQ:) stock is trading over 7% higher premarket after the world’s most valuable carmaker reported another stronger-than-expected quarter, with a net profit of $3.32 billion, as it raised prices in response to inflation, offsetting the impact of a Shanghai factory shutdown.
United Airlines (NASDAQ:) stock gained over 8% after the carrier released an upbeat outlook after the close Wednesday, forecasting a profit in 2022 for the first time since the pandemic.
The earnings continue to pour in Thursday, with telecom giant AT&T (NYSE:) reporting a 2.5% rise in core wireless revenue for the first quarter, benefiting from the expansion of its fiber internet and 5G services.
Social media giant Snap (NYSE:) reports after the close, and investors will be listening for details about average daily and monthly users and growth projections.
The three main Wall Street benchmarks had a mixed day on Wednesday, with the blue-chip gaining 0.7%, boosted by strong numbers from Procter & Gamble (NYSE:), while the tech-heavy fell 1.2%, dragged down by Netflix’s slump.
Elsewhere, weekly are due later in the session, with the recent trend putting the numbers near multi-decade lows, as well as the , while Federal Reserve Chair is set to speak publicly twice on Thursday, firstly at an inflation conference and later at an International Monetary Fund panel discussion.
Oil prices edged higher Thursday, helped by signs of strong U.S. demand as the global supply situation remains tight.
Crude oil supply data from the U.S. , released Wednesday, showed a draw of 8 million barrels for the week ended April 15, confirming the strong numbers released the previous session by the industry body .
OPEC member Libya said on Wednesday it was losing more than 550,000 barrels per day of oil output due to blockades, while the European Union is considering a ban on Russian oil for its invasion of Ukraine.
That said, the COVID situation in China remains a concern, with Shanghai authorities keeping tough restrictions in place for now as the number of cases across the city rose again.
By 7 AM ET, futures traded 0.7% higher at $102.92 a barrel, while the contract rose 0.9% to $107.79.
Additionally, fell 0.6% to $1,943.50/oz, while traded 0.4% higher at 1.0898.
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