US pre-open: Stocks to kick September off in the black

US stocks looked set to kick September off in the black on Thursday as investors awaited a slew of data releases.

At 1040 BST, Dow Jones Industrial Average and S&P 500 futures were up 0.2%, while Nasdaq futures were 0.3% firmer.

At the same time, oil prices were a touch lower again, having rebounded from Wednesday’s losses earlier in the session as the dollar weakened. West Texas Intermediate was down 0.2% at $44.63 a barrel and Brent crude was down 0.4% at $46.72.

Jasper Lawler, market analyst at CMC Markets, said: “US stocks look set for a higher open. The first trading day of September and a symbolic end to quiet summer trading has seen money coming back into the market. ISM manufacturing data will be another important data point before the Federal Reserve makes its decision on interest rates later this month.”

In corporate news, cable company Charter Communications was on the front foot in pre-market trade amid news it is set to become a component of the S&P 500, replacing EMC Corp.

Cloud computing software firm Salesforce.com slumped in pre-market trade after issuing weaker-than-expected guidance for the current quarter late on Wednesday.

Vera Bradley, Campbell Soup, Smith & Wesson and Lululemon Athletica were among the companies slated to report earnings on Thursday.

On the macroeconomic calendar, US initial jobless claims are at 1330 BST, Markit manufacturing PMI is at 1445 BST and construction spending and ISM manufacturing are at 1500 BST.

However, the main focus will be on Friday’s non-farm payrolls report, particularly after Federal Reserve Chair Janet Yellen said last week that the timing of a move on interest rates was dependent on upcoming data.

Lee Wild, heady of equity strategy at Interactive Investor, said: “A higher number will likely trigger an increase in US interest rates in three weeks' time, the first since December, putting equity markets under pressure.

“Stocks have already struggled this week as traders take money off the table, just in case there’s a nasty surprise. And that’s probably wise given the unpredictable nature of August payrolls. Talk is that 200,000 or more makes higher rates this month a dead cert.”