Stock futures rose Thursday after the Dow Jones Industrial Average notched its best win streak going back to 1987. Dow Jones Industrial Average futures added 52 points, or 0.15%. Futures linked to the S&P 500 were 0.58% higher while Nasdaq-100 futures climbed 1.18%. Traders cheered strong results from Meta Platforms and other major companies. The Dow on Wednesday rose for a 13th straight session to notch its longest win streak since 1987, and could make history books Thursday if it closes higher. A 14-day streak for the 30-stock index would tie its longest positive streak on record going back to June 1897. The Dow was created just a little more than one year prior, in May 1896. Gross domestic product showed a rise of 2.4% in the second quarter. Economists polled by Dow Jones were expecting a rise of 2%. Meta Platforms shares popped more than 8% on better-than-expected results and strong guidance. The company’s numbers were boosted by a rebound in ad revenue. McDonald’s shares rose about 2% after an earnings beat driven in part by a rebound in China sales. Meanwhile, Chipotle Mexican Grill dropped about 9% as sales fell short of estimates. Earnings results have been stronger than expected. Of the companies that have reported thus far, 81% have beaten analyst expectations, according to FactSet data. Stocks continued their bullish momentum in a big week that included key earnings results from Big Tech companies, as well as a quarter-point hike from the Federal Reserve. On Wednesday, remarks from Chair Jerome Powell hinted the central bank could also hold rates steady at these levels, and suggested that the Federal Open Market Committee will remain data-dependent. The central bank meets again in September after a batch of new inflation and employment data. “Those very high rates that scared me and the market earlier on in the year don’t seem to be having as much of a negative effect as I had feared,” Wharton School’s Jeremy Siegel told CNBC’s “Squawk Box” Thursday. “And that, combined with the fact that Powell now is saying I’m going to look at both sides of the equation, I think is very positive for the markets.” The U.S. economy grew by 2.4% in the second quarter, beating expectations. Economists polled by Dow Jones expected the economy grew by 2% in the second quarter. This is the latest piece of data pointing toward a resilient economy, not one going into a recession. Asia-Pacific shares mostly rose Thursday after the U.S. Federal Reserve raised rates to their highest level in more than 22 years while leaving the door open for further tightening. Japan’s Nikkei 225 climbed 0.68% to close at 32,891.16 and the Topix inched up 0.53% to end at 2,295.14. In South Korea, the Kospi traded 0.28% higher to close at 2,603.81. In Australia, the S&P/ASX 200 closed 0.73% higher at 7,455.9. Hong Kong’s Hang Seng index traded 1.6% higher in its final hour of trade. In mainland China, the Shanghai Composite inched lower 0.2% to end at 3,216.67 and the Shenzhen Component added 0.191%. Oil climbed on Thursday, recouping losses from the previous session, supported by supply tightness owing to OPEC+ production cuts and renewed optimism on the outlook for Chinese demand and global growth. Crude has posted four consecutive weekly gains on an expected tightening of supply because of output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, as well as some involuntary outages. Brent crude advanced 61 cents, or 0.7%, to $83.53 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 78 cents, or 1%, to $79.56. Intraday peaks for both contracts were near their highest since April 19. “We see the oil market undersupplied,” UBS analysts said in a report. “We retain a positive outlook and look for Brent to rise to $85-$90 over the coming months.” Gold prices rose to a one-week high on Thursday, supported by a slightly weaker dollar, while traders digested fairly balanced comments from U.S. Federal Reserve Chair Jerome Powell after a widely expected interest rate hike. Spot gold was up 0.3% at $1,977.13 per ounce, as of 0352 GMT, after earlier hitting its highest since July 20, while U.S. gold futures rose 0.4% to $1,978.70.
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