Oil prices climb, but Nasdaq may see a slight gain

Oil prices climb, but Nasdaq may see a slight gain

The major futures indexes suggest a slight gain on the Dow, but a decline on the Nasdaq when the Thursday trading session starts on Wall Street.

Oil prices gained Thursday morning, extending a rally that was supported by tight supply with U.S. West Texas Intermediate crude futures above $110 a barrel.

The impact of interest rate hikes in the US and other Western economies to cool rising inflation is something investors are uneasy about. The Fed released Wednesday's release showing that board members support 0.5 percentage points hikes at their next two meetings.

Thursday's economic reports include an update on GDP, weekly jobless claims and pending home sales.

The results are due in the morning from Dollar General, Macy s and Dollar Tree. After the closing bell, the focus turns to big-box retailer Costco, Gap, Ulta Beauty and American Eagle Outfitters.

In Asia, the Nikkei 225 in Tokyo lost 0.3%, the Hang Seng in Hong Kong fell 0.8% and China's Shanghai Composite Index gained 0.5%.

The benchmark S&P 500 index rose 0.9% to 3,978 on Wall Street. The Dow Jones Industrial Average gained by 0.6% to 32,120. The Nasdaq composite climbed 1.5% to 11,434. The yield on the 10 year Treasury was 2.73%.