CommentThe Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were all up about 0.4% before the open.
Ermany’s unemployment figures along with a decline in eurozone inflation helped lift sentiment in overseas markets.
Germany reported an adjusted unemployment rate at a two decade low of 6.7%.
"Any good news coming out of Europe is a positive, so the slightly better than expected German unemployment can give the markets a lift," said David Kelly, chief global strategist at JPMorgan Funds.
Kelly also believes the markets have become oversold in May, as the major indexes in both the United States and Europe are down between 6% and 7% for the month heading into the last trading day.
LONDON (Dow Jones)–European stocks put on some decent gains Thursday, stabilizing along with the euro after heavy losses in the previous session, although persisting concerns about Europe’s banking sector pressured sentiment, curbing upside momentum.
Kelly said that any sell off can open the way for moves higher on relatively modest nuggets of good news.
Later Thursday, voters in Ireland are expected to approve more stringent budget rules in a referendum.
The struggling country could lose access to additional bailout funds if voters reject the fiscal treaty, so a positive vote could reassure investors.
Markets have been nervous that Greek voters could reject austerity measures and force that country out of the eurozone.
US stocks also fell sharply Wednesday on heightened concerns about Europe’s debt crisis.
In the previous session, stocks showed a substantial move back to the downside amid renewed concerns about the financial situation in Europe.
Yields on 10 year Spanish debt soared to 6.6% Wednesday, but retreated slightly in Thursday morning trading.
CNNMoney’s Fear & Greed Index, which measures investor sentiment, remained firmly in "extreme fear" territory where it has been for more than two weeks.
Britain’s FTSE 100 (UKX) rose 0.9%, the DAX (DAX) in Germany edged up 0.4%, whileand France’s CAC 40 (CAC40) added 0.5%.
In Asia, major indexes lost ground but recovered from earlier steep losses.
The Shanghai Composite (SHCOMP) fell 0.5%, the Hang Seng (HSI) in Hong Kong lost 0.3% and Japan’s Nikkei (N225) closed 1.1% lower.
ET is expected to show 150,000 private sector jobs were added in May, up from April’s 119,000.
The government will also release a revised estimate of first quarter GDP before the opening bell.
The latest batch of jobs reports comes before the government’s closely watched monthly jobs report, which is due Friday.
While not viewed as a reliable guide for the government jobs report, it does give guidance on private sector hiring.
Analysts surveyed by CNNMoney expect that the US economy added 150,000 jobs in May, including 12,000 government cuts.
Economy: Initial jobless claims for the week ended May 26 are expected to total 368,000, according to a survey of analysts by Briefing.com, down from 370,000 in the prior week.
Separately, payroll processing firm ADP is expected to report that the private sector added 157,000 jobs in May.
The Chicago Purchasing Manager Index, which tracks manufacturing activity in much of the Midwest, is expected to come in at 57 for May, up from 56.2 in the month prior.
The report is seen an indicator of what will happen with the national reading on manufacturing from the Institute of Supply Management, due on Friday.
Foreclosures accounted for for 26% of home sales during the first three months of the year, according to a report released Thursday by RealtyTrac.0:00.
Daniel Scuderi is a business journalist based in Brisbane, Australia. Daniel has a passion for financial markets and breaking news stories and loves writing about business news, stock market, and economic opinions that matters most to its audience. Daniel spends a lot of time discovering and researching latest financial markets and industry news stories in order to make sure the latest and greatest stories are brought to you first on BigBoardNews.com.