S&P 500 advanced 0.4% on Thursday, lifted by shares of energy companies as
oil prices rose after two oil tankers were attacked off the coast of Iran. A
swarm of buyers in the last few minutes of action boosted the benchmark index
from near session lows to close out the session on a high note. The Dow
Jones Industrial Average increased 0.4%, the Nasdaq Composite increased 0.6%,
and the Russell 2000 increased 1.1%.
Equity futures after hours: S&P 500 futures -3.00 vs. Fair Value of 2,898; Nasdaq 100 futures -32.00 vs. Fair Value of 7,545.
Earnings that came out/will come out after hours: AVGO.
Earnings expected tomorrow morning: CMCM.
Looking at economic data to be released tomorrow morning: Retail Sales 08:30am ET (Briefing.com Consensus 0.7% vs. -0.2% in the prior week), Retail Sales ex-auto 08:30am ET (Briefing.com Consensus 0.4% vs. 0.1% in the prior week), Industrial Production 08:30am ET (Briefing.com Consensus 0.2% vs. -0.5% in the prior week), Capacity Utilization 08:30am ET (Briefing.com Consensus 78.0% vs. 77.9% in the prior week).
Over in the energy space, natural gas felt some pressure following the weekly.
EIA weekly oil storage data. Natural gas inventory showed a build of 102 bcf vs a build of 119 bcf in the prior week:
- Working gas in storage was 2,088 Bcf as of Friday, June 7, 2019, according to EIA estimates. This represents a net increase of 102 Bcf from the previous week. Stocks were 189 Bcf higher than last year at this time and 230 Bcf below the five-year average of 2,318 Bcf. At 2,088 Bcf, total working gas is within the five-year historical range.