US stocks push higher as weekly jobless claims lower than forecast; trade deficit widens

10.55 am: Jobless claims provide relief US stocks moved higher in morning trading on Thursday after data showed US weekly jobless claims prove lower than forecast, although the trade deficit widened. After around an hour and a half of trading, the Dow Jones Industrial Average was up 197 points, or 0.6% at 34,987, while the broader S&P 500 index added 0.7%, and the tech-laden Nasdaq Composite gained 0.4%. Ahead of Friday's July non-farm payrolls, the latest US weekly jobless claims slipped to 385,000. Claims have hovered between 368,000 and 424,000 since late May. ADP data on Wednesday had shown that the private sector added half as many jobs in July as economists expected. Meanwhile, the US trade deficit widened to $75.7 billion in June, more than economists had forecast. 7.45am: Early gains predicted US stocks look set for a slightly higher open on Thursday ahead of US trade deficit data and weekly unemployment claims and in advance of Friday's key July non-farm payrolls that could provide further clues to the path of economic recovery from the coronavirus (COVID-19) pandemic. Futures for the Dow Jones Industrial Average were up 0.1%, S&P 500 index futures rose 0.2%,  while Nasdaq-100 futures also gained 0.2%. Major US stock indexes have wobbled in recent days amid concerns that the economic rebound may be slowing and the COVID-19 Delta variant is leading to a surge in cases. ADP data on Wednesday showed that the private sector added half as many jobs in July than forecast. Despite the volatility, the S&P 500 is still hovering near its all-time high, boosted by strong quarterly earnings from some of the US's biggest companies. However, not all the numbers have been good. Uber Technologies Inc (NYSE:UBER). shares dropped after-hours on Wednesday after the company reported a bigger loss than analysts expected and said it had to spend on incentives for drivers amid a shortage. And online marketplace Etsy (NASDAQ:ETSY) Inc. slumped after its results showed a slowdown in buyer growth. Five other things to watch on Thursday: Roughly half of all cars and light trucks sold in the US by 2030 would be electric, hydrogen fuel cell and plug-in hybrid vehicles under voluntary targets set to be announced Thursday by the Biden administration and backed by automakers, contingent on government support. In a joint statement, General Motors Co., Ford Motor Co., and Chrysler maker Stellantis NV (NYSE:STLA, EPA:STLA) said their commitment hinges on federal funding for manufacturing and supply-chain research and development, purchase incentives and an EV-charging network. Adidas AG felt the impact of a Chinese boycott of Western brands on its second-quarter results and is also suffering from the closure of factories in major supplier Vietnam due to rising COVID-19 infections, the Frankfurt-listed firm said. WPP PLC (LSE:WPP), the world's biggest advertising company, has recovered to 2019 business levels a year ahead of plan as clients rush to benefit from a global economic recovery from the pandemic, driving quarterly revenue growth to a record high at the London-listed group. Bayer said it acquired US-based biopharmaceuticals company Vividion Therapeutics for up to $2 billion to boost the German firm’s ability to discover new treatments and lift the value of its drug pipeline. A Boeing Co (NYSE:BA). 737 Max jet departed for China on Wednesday to conduct a flight test as part of the US planemaker's attempt to gain approval in the vital travel market following two fatal crashes, people familiar with the matter told Reuters.