Stock Futures Edge Up Ahead of Tech Earnings

U.S. stock futures ticked higher ahead of earnings from large technology companies and economic data including jobless claims and an updated reading of first-quarter gross domestic product.

Futures tied to the S&P 500 climbed 0.16%, signaling that the broad-market index may hold onto gains after it closed up 1% on Wednesday. Nasdaq-100 futures fell 0.13%. Dow Jones Industrial Average futures rose 0.23%.

In commodities, global oil benchmark Brent crude added 0.72% to trade at $114.85 a barrel.

Gold slid 0.11% and reached $1844.2.

Stocks have swung this week, fluctuating between daily gains and losses as investors considered the Federal Reserve’s next monetary tightening moves to combat inflation and how much they could weigh on growth and markets. Minutes released on Wednesday by the Fed showed that policy makers were in agreement forhalf-percentage point increasesin June and July, in line with previous communication.

“To some extent, markets have been reassured that the Fed isn’t going to tighten more aggressively than what is expected. But sentiment in the market remains rather stressed,” said Luc Filip, head of investments at SYZ Private Banking. “There is still a lot of uncertainty about what will happen if inflation stays high.”

The yield on the benchmark 10-year Treasury note edged down to 2.738% from 2.746% on Wednesday, declining for a third consecutive day. Yields fall when prices rise.

Investors are awaiting a second reading of U.S. gross domestic product in the first quarter and weekly jobless claims, which are both set to go out at 8:30 a.m. ET. The first GDP release showed a1.4% contraction, shrinking for the first time since early in the pandemic.

“Economic data has come in weaker than expected lately, we do see this tightening in the economy. How severe the growth slowdown is what markets are thinking about now,” said Shaniel Ramjee, a multiasset fund manager at Pictet Asset Management.

Companies scheduled to post earnings Thursday morning include Chinese tech giantsAlibabaBABA-0.19%andBaidu,retailersMacy’s,Dollar GeneralandDollar Treeand medical-device makerMedtronic.VMware,VMW3.97%Costco,Ulta Beauty,Dell Technologies and Gap are expected to report after markets close.

“We are focusing on earnings and profitability. A lot of stable companies are reporting lower guidance,” Mr. Ramjee said. “Even the tech sector is not immune to margin pressure, especially from input costs like wages.”

In premarket trading, Nvidia declined 5% despite posting record revenues as itssales outlookfor the current quarter came in below Wall Street’s estimates. Retailer Williams-Sonoma jumped 10% after posting profit that beat analysts’ expectations.

Overseas, the pan-continental Stoxx Europe 600 ticked up 0.3%. Shares of British telecommunications firmBT Groupfell 4% after it said the U.K. government will probe Netherlands-based rival Altice’s increased stake in the company.

In Asia, major benchmarks were mixed. The Shanghai Composite Index added 0.5% while Hong Kong’s Hang Seng fell 0.3%. Japan’s Nikkei 225 also declined 0.3%.

South Korea’s central bankraised a key policy rateto 1.75% on Thursday and signaled it would tighten policy further to keep fighting against high inflation.