US open: Equities edge higher after jobless data

US stocks edged higher early on Thursday, as investors awaited more indications from the Federal Reserve over the timing of a first interest rates hike.

Shortly before 1500 GMT, the Dow Jones Industrial Average was up 20 points to 17,887.55, while the S&P 500 and the Nasdaq were one and three points higher respectively.

Yellen hints at December rate hike

On Wednesday, Fed chairwoman Janet Yellen said an interest rate hike in December remained on the cards.

“At this point, I see the US economy as performing well […],” she said.

“Domestic spending has been growing at a solid pace and if the data continue to point to growth and firmer prices, a December rate hike would be a live possibility.”

“Fed Chair Janet Yellen didn’t say anything different from the FOMC statement in her congressional testimony on Wednesday,” said CMC Markets’ analyst Jasper Lawler.

“Such are the sensitivities of the markets to Fed chatter and even a gentle reminder that a rate hike in December is a ‘live possibility’ was enough to send a shiver through the spine of markets.”

On the economic data front, according to the Department of Labor, new claims rose by 16,000 to a two-month high of 276,000 in the week to 31 October, compared with analysts' expectations for a 260,000 reading.

"The Labor Department reported no special factors in this week’s report, and the modest uptick in claims is in line with the historical volatility of both series," said analysts at Barclays.

"With initial and continuing jobless claims near decade lows, separations data continue to point to solid labor market conditions."

Meanwhile, according to the Bureau of Labor Statistics, non-farm labour productivity - a gauge of how much each worker can produce in an hour - grew at 1.6% quarter-on-quarter in the three months to September beating expectations for a 0.1%.

That was driven by a 1.2% increase in output, although the number of hours worked dropped 0.5%.

Facebook and Ralph Lauren impress

In company news, Facebook gained 4.79% after the social media giant’s quarterly results beat expectations on Wednesday night.

Going the other way, wireless technologies provider Qualcomm tumbled 9.68% after its profit guidance for the current quarter disappointed, while Whole Foods Market dropped 5.10% after its earnings fell short of estimates.

Among the companies that reported ahead of the bell, Ralph Lauren surged 14.9% after its quarterly results beat estimates, while brewer Molson Coors climbed 0.33% after saying it swung to a profit during the last quarter.

Madison Square Garden rose 0.66% after quarterly revenue grew 26% year-on-year, while SeaWorld tumbled 7.87% after its profit was dented by an ongoing public image battle.

Meanwhile Walt Disney, News Corp, Kraft Heinz, Shake Shack and DreamWorks Animation are among the companies that will report after the close.

Elsewhere, Chinese shares closed in on bull-market territory but failed to lift stocks across the region, while European stocks edged higher after a raft of largely positive data.

The dollar slid 0.18% against the euro but climbed 0.15% and 1.04% against the yen and the pound respectively, while gold futures were flat at $1,107.85.

Oil prices edged lower, with West Texas Intermediate sliding 0.94% to $45.89, while Brent crude fell 0.48% to $48.35 a barrel.