07:51 AM EDT, 04/04/2024 (MT Newswires) -- US equity futures were higher Thursday as traders digested comments from Federal Reserve Chair Jerome Powell on monetary policy, while looking ahead to data on new unemployment claims.

Dow Jones Industrial Average futures gained 0.3%, S&P 500 futures increased 0.3%, and Nasdaq futures rose 0.5%.

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 slightly lower, with front-month global benchmark North Sea Brent crude down 0.04% and US West Texas Intermediate crude down 0.1%, after official data showed a 3.2 million barrel-weekly increase in US crude stockpiles.

The US trade deficit, scheduled for release at 8:30 am ET, is seen narrowing to $66.9 billion in February from $67.4 billion in the prior month. New unemployment claims are expected to increase to 213,000 in the week ended March 30 from 210,000 in the preceding week, according to estimates compiled by Bloomberg.