Stocks look set for a higher open as lawmakers are signaling that an infrastructure deal could get done soon.
Dow Jones Industrial Average
gained 175 points, or 0.5%, while the
rose 0.5% the
advanced 0.6%. The Nasdaq and the S&P 500 look set to open at all-time highs.
A group of bipartisan lawmakers said they have agreed on a framework for an infrastructure deal. They intend to meet with President
Thursday to complete the deal, which could come out to roughly $1 trillion. Infrastructure spending would add jobs and serve as a moderate boost to economic growth. It would also provide a new revenue stream for some construction companies and manufacturers. Construction company
(MTZ), for example, saw shares rise 2.5%, while
Martin Marietta Materials
(MLM) had gained 1.5%.
“S&P futures are trading solidly higher this morning amid infrastructure deal optimism,” writes
founder of Sevens Report Research.
There needs to be optimism about something. Initial jobless claims came in at 411,000, only a slight improvement from last week’s 412,000 and worse than estimates of 380,000.
Here are five stocks making moves in Thursday’s premarket action:
(DRI) stock rose 1% after reporting a profit of $2.03 a share, beating forecasts for $1.79 a share, on sales of $2.28 billion, above expectations for $2.19 billion.
MGM Resorts International (MGM) stock gained 2.4% after getting upgraded to Buy from Hold at Deutsche Bank.
(STX) stock gained 1.7% after getting upgraded to Outperform from Market Perform at Northland Capital.
(CS) stock gained 2.7% after getting upgraded to Buy from Hold at Berenberg.
(DLTR) stock dropped 1.3% after getting downgraded to Neutral from Overweight at Piper Sandler.
(LLY) stock jumped 7.5% after its Alzheimer’s treatment was designated a “breakthrough therapy” by the FDA.
stock fell 7.2%.
Write to Jacob Sonenshine at firstname.lastname@example.org