U.S. stock futures climbed on Thursday, riding a wave of positive momentum fueled by growing optimism that the U.S. rate-hike cycle might have reached its peak.

Here’s the breakdown:

Wednesday’s market movement displayed significant positive shifts:

Factors influencing the market:

Wednesday witnessed the introduction of crucial market elements. Federal Reserve Chair Jerome Powell didn’t explicitly confirm a peak in the rate-hike cycle, but his cautious stance was interpreted as dovish by analysts. Additionally, the Treasury refunding fell slightly short of expectations at $112 billion, with reduced issuance of 10- and 30-year notes compared to August.

Simultaneously, important indicators like the Institute for Supply Management’s manufacturing index fell well below estimations, while the ADP private-sector employment gauge revealed surprising downside trends.

“Although Powell’s approach seemed somewhat hawkish on the surface, market sentiment remained unconvinced, particularly given [Wednesday’s] economic data indicating a potential slowdown in the U.S. economy,” stated Michael Hewson, chief market analyst at CMC Markets UK.

The upcoming economic calendar, leading up to Friday’s pivotal nonfarm payrolls report, includes releases such as weekly jobless claims and third-quarter productivity.

Furthermore, Apple (AAPL, +1.87%) is scheduled to unveil its earnings after the market’s closing bell.

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