Market Snapshot: Dow on pace for 5th win in a row, helped by Cisco’s earnings-driven jump

U.S. stock futures moved higher Thursday, setting the Dow on course for its fifth up day in a row, as the equity market keeps rebounding from its tumble earlier this month.

Cisco Systems Inc. is the biggest premarket winner among Dow components, in the wake of its quarterly results.

Investors are due to get a raft of economic reports, including readings on producer prices and the housing market.

What are the main benchmarks doing?

Dow Jones Industrial Average futures YMH8, +1.16% rose by 256 points, or 1%, to 25,119, while S&P 500 futures ESH8, +0.80% added 21.35 points, or 0.8%, to 2,718.25. Nasdaq-100 futures NQH8, +0.77% climbed by 50.25 points, or 0.8%, to 6,737.25.

On Wednesday, the Dow DJIA, +1.03% , S&P SPX, +1.34% and Nasdaq Composite COMP, +1.86% all closed higher by 1% or more, advancing for a fourth straight session, as investors shook off their initial concerns about a higher-than-expected reading on inflation.

Read more: Don’t be scared by rising inflation and weak retail sales

The three gauges stand between 4.8% and 6.5% below last month’s all-time highs, recovering from their drop in the first half of February. The selloff was sparked in part by rising bond yields amid signs of an uptick in inflation, with the higher yields luring money out of equities. Strategists have said the selloff was overdue, but it became overdone.

Don’t miss: Here’s a 10-step plan the stock market must complete to get back on track

What are strategists saying?

“Whilst the market is showing signs of carving out a bottom, and the volatility index VIX, -6.39% or fear gauge has dropped back below 20, after peaking at over 50 just last week, it is unlikely that this is the last we have seen of the volatility,” said Jasper Lawler, head of research at London Capital Group, in a note on Thursday.

What could help drive markets?

A report on weekly jobless claims is slated to hit at 8:30 a.m. Eastern Time, with economists polled by MarketWatch forecasting 230,000 claims.

At that same time, investors are due to get February releases for producer prices, the Empire State Manufacturing Survey and the Philadelphia Federal Reserve’s business-outlook survey.

See: MarketWatch’s Economic Calendar

A January report on industrial production is scheduled to arrive at 9:15 a.m. Eastern, with 0.3% growth expected, and a February figure for a housing-market index is slated to come at 10 a.m. Eastern.

No Federal Reserve speeches are expected Thursday.

What are other assets doing?

European stocks SXXP, +0.99% were scoring gains, while Asian markets closed sharply higher, though volumes in much of the region were capped by the coming Lunar New Year holiday. Some Asian markets were closed Thursday for the holiday.

The ICE U.S. Dollar Index DXY, -0.29% was lower, oil futures CLH8, +0.66% advanced, and gold futures GCG8, -0.09% were little changed.

Check out: Why the U.S. dollar found no love despite stronger-than-expected inflation

Which stocks look like key movers?

Shares in Cisco Systems Inc. CSCO, +2.09% jumped 7.5% in premarket action for the biggest gain among Dow components. The tech giant’s earnings and outlook topped Wall Street estimates late Wednesday, and the company also showed revenue growth for the first time in more than a year and a half.

Shares in TripAdvisor Inc. TRIP, +2.11% soared 17% ahead of the open for the S&P 500’s biggest premarket gain after the online travel company posted better-than-expected earnings late Wednesday.

Shares in Avon Products Inc. AVP, +3.18% are likely to see active trading as the beauty-products seller is among the companies expected to post earnings before the open.

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