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U.S. stock futures pointed to opening gains on Thursday, following the worst one-day decline in three months.

What’s happening

  • Dow Jones Industrial Average futures
    rose 160 points, or 0.4%, to 37605.

  • S&P 500 futures
    gained 25 points, or 0.5%, to 4775.

  • Nasdaq-100 futures
    increased 106 points, or 0.6%, to 16872.

On Wednesday, the Dow Jones Industrial Average
fell 476 points, or 1.27%, to 37082, the S&P 500
declined 70 points, or 1.47%, to 4698, and the Nasdaq Composite
dropped 225 points, or 1.5%, to 14778.

It was the worst one-day decline in the S&P 500 since Sept. 26.

What’s driving markets

There wasn’t any clear fundamental trigger for Wednesday’s sell-off, setting the stage for a better day on Thursday. But the market has been rallying hard and fast, with the S&P 500 up 22% this year.

“The turnaround happened around 90 minutes before the U.S. close, and although there wasn’t an obvious catalyst that was responsible, we had just seen the fastest advance for the S&P 500 in over 3 years, so maintaining that momentum was always likely to prove difficult,” said Henry Allen, a Deutsche Bank strategist, in a note to clients.

Ahead of Friday’s release of PCE price index data, Thursday sees weekly jobless claims, the third estimate of third-quarter GDP, the Philadelphia Fed manufacturing index and the leading economic index, a series that throughout the year has been forecasting a recession that hasn’t come.

Micron Technology
will be in the spotlight after the chipmaker’s results came in better than expected.

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