Wall Street set for mixed open with earnings in spotlight

- U.S. stocks were set for a flat to slightly higher open on Thursday, as investors assessed the latest batch of earnings, while the Federal Reserve dented hopes of interest rate cut.

The Fed signaled little appetite to adjust rates any time soon, taking heart in continued job gains and economic growth and the likelihood that weak inflation will edge higher. “Investors are going to dwell on Powell’s comments. He said there is no need to cut rates anytime soon or indicated that next move might not be a rate cut.”

Under Armour Inc gained 5.7% in premarket trading after the sportswear maker posted strong quarterly earnings and raised its full-year profit forecast, benefiting from stronger demand in overseas markets. Hanesbrands rose 4.5% after the innerwear maker delivered first-quarter profit and sales ahead of analysts’ estimates.

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