U.S. Stocks May Move Back To The Upside In Early Trading

(RTTNews) - Following the pullback seen in the previous session, stocks are likely to move back to the upside in early trading on Thursday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.8 percent.

Technology stocks may help lead an early rally on Wall Street, as reflected by the 1.5 percent jump by the Nasdaq 100 futures.

The upward momentum for the tech sector comes amid a pre-market surge by shares of Micron (MU), which are soaring by 17.4 percent.

Micron is moving sharply higher in pre-market trading after reporting better than expected fiscal fourth quarter results and providing strong fiscal first quarter revenue guidance.

Stocks may also benefit from the release of upbeat U.S. economic data, with a Labor Department report showing first-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended September 21st.

The Labor Department said initial jobless claims slipped to 218,000, a decrease of 4,000 from the previous week's revised level of 222,000.

The dip surprised economists, who had expected jobless claims to rise to 225,000 from the 219,000 originally reported for the previous week.

With the unexpected decrease, jobless claims fell to their lowest level since hitting 216,000 in the week ended May 18th.