Stocks are set to hit new all-time highs

Stocks are set to rise for a fifth straight session and hit new all-time highs as futures rally ahead of the market open on Thursday.

At 8:48 a.m. ET, Dow futures are up 154 points (0.84%), S&P 500 futures are up 16 points (0.76%) and Nasdaq futures are up 30 points (0.67%.)

The indexes are extending a rally that gained speed on Friday after the June jobs report showed that the economy added many more jobs than expected. Globally, sentiment has been improved by the prospects of fresh fiscal stimulus in Japan that could lift its economy.

We got more strong data on the labour market on Thursday. The Labour Department reported that initial jobless claims rose by 254,000 last week, lower than the forecast for 265,000.

And, we got signs of inflation, as the producer price index for final demand rose 0.5%, more than expected.

In earnings, Yum Brands reported after the market close on Wednesday, beating on earnings and raising its guidance for full-year operating-profit growth. Its shares rose 4% pre-market.

And, Delta said it would reduce routes between the UK and the US following the pound’s steep drop after the UK referendum. The company topped forecasts for earnings but missed slightly on revenues.

Crude oil is higher, after a more than 4% drop on Wednesday that followed news of a build in gasoline inventories which outweighed a drop in crude inventories last week. West Texas Intermediate crude oil futures in New York are up 1.8% to $45.59 per barrel.

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