New York, Jan 29, 2026, 06:44 EST — Premarket
- U.S. investors face a data deluge at 8:30 a.m. ET, with weekly jobless claims, trade stats, and fresh productivity updates all dropping simultaneously.
- AT&T shares jumped in premarket trading following an upgraded profit forecast, driven by strong results from fiber and spectrum transactions.
- Markets are still processing the potential earnings impact from large AI-driven capital investments after the Fed opted to hold rates steady.
U.S. stock futures nudged higher Thursday morning as investors digested new tech earnings amid a busy day for economic reports. AT&T jumped 4.7% to $24.07. Direxion’s Jake Behan pointed out that “capex remains the market’s central concern,” with traders looking for more tangible returns on AI spending. 1
Timing matters. The data lands as bets on rate cuts remain fixed around mid-year, with equities priced for steady growth—assuming inflation holds steady.
The Fed held rates steady at 3.5%–3.75% Wednesday, with Chair Jerome Powell stressing a data-driven approach. The S&P 500 flirted with the 7,000 level but slipped back to close almost unchanged at 6,978.03. The Nasdaq nudged higher by 0.17%. “Whether you were bullish or bearish, you walked away feeling about the same,” said Michael James, equity sales trader at Rosenblatt Securities. 2
At 8:30 a.m. ET, the calendar fills up: weekly unemployment claims drop, alongside the international trade report and fresh productivity-and-costs figures, per the St. Louis Fed’s schedule. 3
Jobless claims provide the quickest glimpse into layoffs and hiring changes. Economists expect initial claims to rise to 206,000, up from 200,000 reported last week, according to 8 .
Trade data frequently disrupts quarterly GDP estimates. The newest release showed a $29.4 billion deficit in goods and services for October. The following update is scheduled for 8:30 a.m. EST Thursday. 4
Investors are watching updated productivity and unit labor cost data closely, looking for clues about inflation pressures. Early figures from this month showed nonfarm productivity rising 4.9% in Q3 2025, with unit labor costs falling 1.9%. 5
AT&T started the day with a 2026 adjusted profit forecast of $2.25 to $2.35 per share, topping the $2.21 estimate in the report. The company pointed to key fiber and spectrum deals as it boosts broadband and 5G rollout. CEO John Stankey said the carrier plans to cover “over 40 million customer locations” with fiber by the end of the year. 6
The carrier’s pitch is straightforward: wider coverage, quicker speeds, and larger bundles. Yet, it carries a steep cost, stepping into a market where Verizon and T-Mobile aggressively cut prices and boost promotions to retain subscribers.
The day could still swing another way. Should claims rise above forecasts, it may rattle confidence in the labor market. A stronger-than-expected labor cost report could push yields up, adding strain to already pricey stocks. AT&T, meanwhile, must juggle closing big deals and integrating them without letting cash flow slip.
Friday at 8:30 a.m. ET brings the December Producer Price Index, shedding light on inflation trends deeper in the supply chain. 7
