Stock futures are trading higher, slamming the slide
U.S. stock futures were trading higher on Thursday morning, ending a streak that saw the Dow Jones fall for four days and the Nasdaq enter correction territory.
Major futures indices point to a 0.3% gain when the opening bell rings on Wall Street.
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On Wall Street, the benchmark S&P 500 fell 1% on Wednesday as investors tried to gauge how quickly the Federal Reserve would roll back economic stimulus to calm inflation.
|Me: DJI||DOW JONES AVERAGES||35028.65||-339.82||-0.96%|
|I: COMP||NASDAQ COMPOSITE INDEX||14340.255145||-166.64||-1.15%|
The S&P 500 fell to 4,532.76 after a sell-off in tech stocks. The Dow Jones Industrial Average fell 1% to 35,028.65.
Apple lost 2.1% and chipmaker Nvidia fell 3.2%. The S&P 500 technology sector has fallen more than 8% this year.
The Nasdaq composite, dominated by tech stocks, fell 1.1% to 14,340.26. The index is 10.7% below its all-time high on Nov. 19.
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Thursday will be another busy day for financial earnings with Travelers, Fifth Third Bancorp and KeyCorp among the names reporting in the morning. Transportation giants American Airlines and Union Pacific Railroad will also report.
In the afternoon, the spotlight will turn to Netflix.
On the economic calendar, the Labor Department released its tally of new jobless claims for the past week. Expectations are for 220,000, compared to an unexpected rise to 230,000 the previous week. Continuing claims, which track the total number of unemployed people collecting benefits, are expected to fall by 21,000 to 1.580 million, another pre-pandemic low.
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At the same time, the Philadelphia Federal Reserve will release its manufacturing activity index for eastern Pennsylvania, southern New Jersey and Delaware. It is expected to rise 4.6 points this month to 20.0, from a one-year low of 15.4 in December. Any reading above zero means more manufacturers say trading conditions are improving rather than deteriorating.
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The National Association of Realtors is expected to report that sales of previously owned homes fell 0.3% to a seasonally adjusted annual rate of 6.44 million units in December. That’s down from a 10-month high of 6.46 million in November.
In Europe, the London FTSE fell 0.2%, the German DAX 0.1% and the French CAC 0.4%.
Asian stock markets rose on Thursday after China cut interest rates to support economic growth and Japan reported a double-digit rise in exports.
The Nikkei 225 in Tokyo gained 1.1%, the Hang Seng in Hong Kong rose 3.4% and the Shanghai Composite Index in China lost 0.1%.
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In energy markets, benchmark U.S. crude fell 29 cents to $86.67 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, fell 36 cents to $88.08 a barrel in London.
The Associated Press contributed to this report.