The index futures were pointing to a modestly higher opening on Thursday, as a lack of visibility worries the market to no end. In the run-up to a series of key economic catalysts kickstarting on Friday, traders may prefer to stay on the sidelines.
U.S. stocks closed mostly lower on Wednesday as recession worries continue to haunt traders. The negativity came despite the yields falling slightly.
The S&P 500 Index declined for a fifth straight session and the Nasdaq Composite has been lower for a fourth session running.
A majority of sectors moved to the downside, while consumer staples, healthcare and real estate stocks showed a modicum of strength.
| Index | Performance (+/-) | Value | |
|---|---|---|---|
| Nasdaq Composite | -0.51% | 10.958.55 | |
| S&P 500 Index | -0.19% | 3,933.92 | |
| Dow Industrials | +0.00% | 33,597.92 |
Here’s a peek into index futures trading:
| Index | Performance (+/-) | |
|---|---|---|
| Nasdaq 100 Futures | +0.18% | |
| S&P 500 Futures | +0.07% | |
| Dow Futures | -0.05% | |
| R2K Futures | -0.25% |
In premarket trading on Thursday, the SPDR S&P 500 ETF Trust SPY rose 0.22%, to $394.02, and the Invesco QQQ Trust QQQ advanced 0.28%, to $281.31, according to Benzinga Pro data.
On the economic front, the Labor Department is scheduled to release its weekly jobless claims report for the week ended Dec. 3 at 8:30 a.m. EST. Economists, on average, expect the number of people claiming unemployment benefits to rise to 230,000 from 225,000 in the previous week.
The U.S. Treasury is set to auction four-week and eight-week bills at 11:30 a.m. EST.
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Stocks In Focus:
- GameStop Corp. GME declined about 1% in reaction to its third-quarter results.
- Tesla Inc. TSLA was rebounding from recent losses.
- Resort and casino stocks were higher in premarket trading. Park Hotels & Resorts Inc. PK, Las Vegas Sands Corp. LVS and Wynn Resorts Limited WYNN were all higher.
- Chinese stocks all reversed course and were trading uniformly higher. Alibaba Group Holding Limited BABA, JD.com Inc. JD, Bilibili Inc. BILI, Nio Inc. NIO, XPeng Inc. XPEV and Li Auto Inc. LI all firmed up in premarket trading. Nio announced it will hold its "Nio Day 2022" event in Hefei on Dec. 24.
- Ciena Corp. CIEN and Hovnanian Enterprises Inc. HOV are among the companies due to release their quarterly results ahead of the market open.
- Notable companies reporting after the close include Broadcom Inc. AVGO, Costco Wholesale Corp. COST, Chewy Inc. CHWY and DocuSign Inc. DOCU.
Commodities, Other Global Equity Markets:
Crude oil futures were advancing, as the commodity recovered from a four-session slide. A barrel of WTI-grade crude oil traded about 0.72% higher at $72.50.
The Asia-Pacific markets showed lackluster sentiment on Thursday amid nervousness over the U.S. Fed’s monetary policy move and a global economic slowdown. Hong Kong’s Hang Seng Index, however, stood out with a 3%+ upside.
Stocks in Europe have opened on a nervous note as traders reacted to the uncertainties.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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