Stock Futures Rise After Bank of England Holds Rates Steady
New York (Sept 15) Stock futures moved higher on Thursday after the Bank of England held its rates at accommodative levels and Wall Street looked ahead of to a storm of U.S. economic data.
S&P 500 futures were up 0.33%, Dow Jones Industrial Average futures added 0.32%, and Nasdaq futures rose 0.3%.
The Bank of England held its key interest rate at 0.25%, a record low, on Thursday morning as many expected, while also signaling that it could cut rates further if the economy weakens as forecast. England's central bank also left its quantitative easing program at 435 billion pounds ($576 billion) in September after increasing its asset-repurchase targets in August.
"Overall, while the evidence on the initial impact of the policy package is encouraging, the Committee will monitor closely changes in asset prices and in interest rates facing households and firms and their effect on economic activity," the central bank said in a statement. The Bank of England faces a daunting task as it tries to shelter the economy from the present and future effects of June's Brexit vote.
It's a busy day for U.S. economic data, which will be closely analyzed for the sway it may have over decision-making from the Fed next week. Weekly jobless claims, producer prices, industrial production and retail sales for August, and the Philadelphia Fed Business Outlook Survey and Empire State Manufacturing Survey will each be released before the bell.
Crude oil prices stabilized on Thursday after two days of sharp selloffs. Prices have been under pressure in recent days as U.S. inventories remain high, global demand is tepid, and international production is still growing.