U.S. stock futures were steady Thursday after Wall Street bounced back from a two-session losing streak. The Dow Jones Industrial Average on Wednesday gained 316 points, or 0.9%. The S&P 500 also climbed 0.9% and the Nasdaq jumped 1.2%. The Dow and S&P 500 were fractionally shy of their Friday record high closes. The Nasdaq was 1% away from its February record close. The 10-year Treasury yield, which spiked to 14-month highs in March and dogged tech stocks, ticked higher early Thursday but remained under 1.6%.
Southwest Airlines said Thursday that leisure travel bookings continue to rise and it expects breakeven cash flow “or better” by June. The Dallas-based airline posted first-quarter net income of $116 million, compared with a $94 million loss a year earlier. Its first-quarter profit was the result of more than $1 billion in federal aid that offset its labor costs. Revenue of $2.1 billion fell nearly 52% from the year-earlier period. Shares rose 2.4% in the premarket.
American Airlines posted a $1.25 billion net loss, its fifth consecutive quarterly loss. The carrier, like its large-carrier rivals Delta and United, has been forced to do without much of the business and international travel revenue they long relied on. American’s revenue came in at just over $4 billion, down nearly 53% from the more than $8.5 billion it posted a year ago. Shares jumped roughly 3%.