NEW YORK (CNNMoney.com) -- U.S. stocks were set to rise at Thursday's open as investors set their sights on recouping some of the losses from the previous session's selloff.
Futures measure current index values against perceived future performance.
But investors appeared more positive Thursday, taking the view that the selling was overdone.
"The strong selloff at the end of the day yesterday is bringing the bargain hunters in this morning," said David Jones, chief market strategist at IG Markets. "But an air of caution remains, and the big concern is still that the economic recovery is more fragile than we first thought, so investors will be looking for reassurance today."
Companies: AmeriCredit (ACF) surged 23% in pre-market trading after General Motors said it will buy the automobile financing company for $3.5 billion.
Economy: The Labor Department said 464,000 Americans filed for their first week of unemployment insurance last week, up 37,000 from the previous week. Economists were expecting the 445,000 initial claims, according to a consensus estimate from Briefing.com.
A reading on existing home sales from the National Association of Realtors is due after the market open. Sales are expected to have fallen to a seasonally adjusted annual rate of 5.09 million units in June, down from a 5.66 million unit rate in May.
An index of leading economic indicators, viewed as a gauge of the economy's future performance, is also on tap. Economists expect the index to have slipped 0.4% in June after rising 0.4% in May.
World markets: European markets got off to a positive start. Britain's FTSE 100 rose 1%, France's CAC 40 jumped 1.8% and the DAX in Germany gained 1.6% in morning trading.
In Asia, Japan's benchmark Nikkei index lost 0.6%. But the Shanghai Composite and Hang Seng both ended the session higher.
Currencies and commodities: The dollar was down against the euro, the British pound and the Japanese yen.
U.S. light crude oil for September delivery rose 33 cents to $76.89 a barrel.
COMEX gold's August contract fell $4.70 to $1,187.10 per ounce.
Bonds: Treasury prices fell, pushing the yield on the 10-year note up to 2.91% from 2.89% late Wednesday. Bond prices and yields move in opposite directions.
How much of a hit did you take in the recent correction? Are you worried about a bear market? What changes have you made in your portfolio and what changes do you plan on making for the rest of the year? E-mail your story to email@example.com and you could be featured in an upcoming article. For the CNNMoney.com Comment Policy, click here.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.36%||4.32%|
|15 yr fixed||3.38%||3.34%|
|30 yr refi||4.37%||4.30%|
|15 yr refi||3.37%||3.32%|
Today's featured rates:
Did General Motors and industry regulators fail to detect safety problems that may have led to 13 traffic deaths? A House panel has now opened an investigation, and will hold a hearing in coming weeks. More
In March 1989, British scientist Tim Berners-Lee published a paper proposing an "information management" system for his laboratory. His supervisor, Mike Sendall, scrawled some brief comments on the cover: "Vague, but exciting." More
Sanjiv Patel has invested over $1 million in his peanut company under a program that grants green cards to investors, but he may get kicked out of the country if he doesn't hire eight more people. More