On Thursday, Nasdaq futures saw an uptick, following a rebound in major equity indexes the previous day. This shift came as President Donald Trump eased tensions with European allies by retracting his threat to impose new tariffs concerning Greenland. Futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average exhibited increases of 0.9%, 0.6%, and 0.3%, respectively. Market participants are anticipating the postponed release of the Personal Consumption Expenditures price index for October and November, scheduled for 10 a.m. today, alongside weekly jobless claims and the revised third-quarter U.S. GDP figures. The Personal Consumption Expenditures index serves as the preferred gauge of inflation for the Federal Reserve, with their upcoming meeting scheduled for January 27-28. Nonetheless, the report on Thursday is expected to hold diminished significance compared to typical instances, given that officials are deliberating on potential adjustments to the Fed’s primary interest rate, while the Bureau of Economic Analysis typically publishes December data during this period in January.

In anticipation of the PCE data, the yield on the 10-year Treasury, which influences interest rates across various consumer loans such as mortgages, increased to 4.26% from Wednesday’s closing figure of below 4.25%. On Tuesday, the yield reached its highest closing level since August 21, standing at 4.30%. The tech-heavy Nasdaq, blue-chip Dow, and benchmark S&P 500 concluded Wednesday with gains of approximately 1.2% each, following their most significant decline since October 10. This rebound came after Trump dismissed the possibility of military action in Greenland during his address at the World Economic Forum in Davos, Switzerland. Subsequently, he communicated via his Truth Social network that he “will not be imposing the Tariffs that were scheduled to go into effect on February 1st” on eight NATO allies.

Chipmakers Intel and Advanced Micro Devices, whose shares soared nearly 12% and 8%, respectively, on Wednesday, were up roughly 1% and 1.5% further in premarket trading. Intel is expected to announce its quarterly results following the market’s close today. Shares of all the Magnificent Seven tech firms were approximately 1% to 2% higher prior to the market opening. In the aftermath of earnings announcements, shares of Abbott Laboratories, Procter & Gamble, and GE Aerospace experienced declines of 5.5%, 1%, and 0.3%, respectively.

Gold futures, often regarded as a safe haven, reached a new all-time high of nearly $4,900 an ounce on Wednesday, before retreating slightly to $4,830 an ounce. Bitcoin was trading around 90,000, exhibiting minimal variation throughout the day. The U.S. dollar index, which monitors the value of the greenback relative to a selection of global currencies, decreased to 98.68. West Texas Intermediate crude futures, the U.S. benchmark, declined by 1.5% to $59.70 per barrel.