09:11 AM EDT, 04/04/2024 (MT Newswires) -- US equity futures increased ahead of Thursday's opening bell as traders digested comments from Federal Reserve Chair Jerome Powell on monetary policy as well as data on new unemployment claims.

Dow Jones Industrial Average futures gained 0.5%, S&P 500 futures increased 0.6%, and Nasdaq futures rose 0.9%.

In a forum Wednesday, Powell said that policymakers will likely cut interest rates in 2024 after they have seen more evidence that inflation is easing.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.1% and US West Texas Intermediate crude down 0.2%, after official data showed a 3.2 million barrel-weekly increase in US crude stockpiles.

The US trade deficit, released at 8:30 am ET, widened to $68.9 billion in February from $67.6 billion in the prior month, compared with estimates compiled by Bloomberg for a no change at a $67.6 billion gap. New unemployment claims rose to 221,000 in the week ended March 30 from 212,000 claims in the preceding week, compared with estimates for a smaller increase to 214,000.

In other world markets, Japan's Nikkei closed 1% lower, while the Hong Kong and Chinese markets were closed for holiday. Meanwhile, UK's FTSE 100 gained 0.45% and Germany's DAX index increased 0.2% in Europe's early afternoon session.

In equities, shares of Conagra Brands ( CAG ) were 1% higher pre-bell after the company reported fiscal Q3 adjusted earnings that topped analysts' estimates.

On the losing side, Riley Exploration Permian ( REPX ) shares dropped 15% after the company priced a public offering of common stock at $27 per share.