Stocks may show a lack of direction in early trading on Thursday following the strong upward move seen late in the previous session. The major index futures are currently pointing to a roughly flat open for the markets, with the S&P 500 futures down by less than a tenth of a percent.

Traders may be reluctant to make significant moves ahead of the release of a Commerce Department report on personal income and spending on Friday that readings on inflation said to be preferred by the Federal Reserve.

While the inflation data could impact the outlook for interest rates, traders will have to wait until next Monday to react to the report due to the markets being closed for Good Friday.

The holiday will also see Fed Chair Jerome Powell participate in a moderated discussion before the Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference.

The futures remained little changed following the release of a Labor Department report showing first-time claims for U.S. unemployment benefits unexpectedly edged slightly lower in the week ended March 23rd.

The report said initial jobless claims dipped to 210,000, a decrease of 2,000 from the previous week’s revised level of 212,000.

Economists had expected jobless claims to rise to 215,000 from the 210,000 originally reported for the previous week.

A separate report released by the Commerce Department showed the U.S. economy unexpectedly grew by more than previously estimated in the fourth quarter of 2023.

Revised data showed real gross domestic product surged by 3.4 percent in the fourth quarter compared to the previously reported 3.2 percent jump. Economists had expected the pace of GDP growth to be unrevised.

Just after the start of trading, MNI Indicators is scheduled to release its report on Chicago-area business activity in the month of March. The Chicago business barometer is expected to rise to 46.0 in March from 44.0 in February, but a reading below 50 would still indicate contraction.

The National Association of Realtors is also due to release its report on pending home sales in the month of February. Pending home sales are expected to jump by 1.5 percent in February after plunging by 4.9 percent in January.

Additionally, the University of Michigan is scheduled to release its revised reading on U.S. consumer sentiment in the month of March.

The consumer sentiment index for March is expected to be unrevised from the preliminary reading of 76.5, which was down from 76.9 in February.

Stocks fluctuated over the course of the trading session on Wednesday but managed to end the day mostly higher thanks to a late-day surge. With the upward move, the Dow and the S&P 500 snapped three-day losing streaks.

The major averages all moved to the upside, with the Dow posting a standout gain. While the Dow jumped 477.75 points or 1.2 percent to 39,760.08, the S&P 500 advanced 44.91 points or 0.9 percent to 5,248.49 and the Nasdaq climbed 83.82 points or 0.5 percent to 16,399.52.

In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance on Wednesday. Japan’s Nikkei 225 Index tumbled by 1.5 percent, while Hong Kong’s Hang Seng Index advanced by 0.9 percent and Australia’s S&P/ASX 200 Index jumped by 1.0 percent.

Meanwhile, the major European markets have all moved modestly higher on the day. While the French CAC 40 Index is up by 0.3 percent, the U.K.’s FTSE 100 Index is up by 0.2 percent and the German DAX Index is up by 0.1 percent.

In commodities trading, crude oil futures are surging $1.34 to $82.69 a barrel after slipping $0.27 to $81.35 a barrel on Wednesday. Meanwhile, after climbing $13.50 to $2,212.70 an ounce in the previous session, gold futures are jumping $18.20 to $2,230.90 an ounce.

On the currency front, the U.S. dollar is trading at 151.27 yen versus the 151.33 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0791 compared to yesterday’s $1.0828.