Stock futures fell slightly on Thursday morning, before the release of a key indicator for the labor market.
Futures contracts linked to the Dow Jones Industrial Average fell 90 points. S&P 500 futures fell 0.5%. Nasdaq 100 futures fell 0.8%.
Apple shares fell again in the premarket, down 1.5%. Apple shares have fallen 3% so far this week, with investors making some profits from Big Tech shares, which have brought the market back to a record high. Tesla was also smaller in the premarket, more than 2%.
Walmart shares fell after its fourth-quarter earnings were below Wall Street estimates. Walmart fell 3% in pre-market negotiations.
The movement in the futures comes after a session on Wednesday, in which the broad market had difficulty choosing a clearer direction. The Dow, driven by Chevron and Verizon, scored a little higher to set a new record, but the S&P 500 and Nasdaq Composite closed in negative territory.
Investors will receive several new economic data on Thursday to assess the pace of the US recovery, including initial claims for unemployment benefits. Economists polled by Dow Jones expect 773,000 new claims, a slight decrease from the previous week. Housing and manufacturing data are also expected to be released Thursday morning.
These economic readings come in the wake of huge leaps in retail sales and producer prices in the data released on Wednesday.
The data released comes as US companies end a strong profit season and lawmakers in Washington are negotiating another round of stimulus. Cliff Hodge, the director of investments at Cornerstone Wealth, said that the finalization of the stimulus agreement could provide another higher move for the markets, even if it is already priced.
“When you think about how the additional stimulus can affect the average consumer, with CARES Act 1.0 and the second round of checks really driving the economy, at this point we really feel that the additional stimulus will go directly to the economy,” said Hodge. .
Investors are closely watching out-of-stock price movements, where Treasury yields are trading near the one-year high and oil and gas prices have skyrocketed amid the Texas cold wave.
Congressional hearings on the GameStop saga are also scheduled to begin on Thursday, with leaders from Melvin Capital and Robinhood joining Reddit trader Keith Gill on the House of Representatives’ Financial Services Committee.