Stock futures fell slightly on Thursday early in the morning before posting a key indicator for the job market.
Futures contracts linked to the Dow Jones industrial average fell by 90 points. Futures S&P 500 fell 0.5%. Nasdaq 100 futures fell 0.8%.
Shares of Apple fell again in premarket trading, with a decline of 1.5%. Shares of Apple have fallen 3% so far this week as investors reap some gains from Big Tech shares that have brought the market to a record high. Tesla was also lower in the premarket, with a drop of more than 2%.
Walmart shares declined after fourth-quarter earnings fell below Wall Street estimates. Walmart fell 3% in premarket trade.
The futures move comes after a session on Wednesday in which the broad market struggled to choose a clear direction. The Dow, driven by Chevron and Verizon, rose slightly to set a new record, but the S&P 500 and Nasdaq Composite closed in negative territory.
Investors will receive various economic data on Thursday to assess the pace of the U.S. recovery, including initial unemployment claims. Economists surveyed by Dow Jones expect 773,000 new claims, a slight decrease from the previous week. Housing and manufacturing data will also be released Thursday morning.
These economic readings come as a result of large jumps in retail sales and production prices in data released Wednesday.
Data releases come as the corporate U.S. ends a strong profit season and Washington policymakers negotiate another round of stimulus. Cliff Hodge, Cornerstone Wealth’s chief investment officer, said ending the stimulus deal could mean another move for the markets even if it already has a price.
“When you think about how the extra stimulus can affect the average consumer, with the CARES Act 1.0 and the second round of controls that really increase savings, right now we feel strongly that the extra stimulus will go directly into the economy Hodge said. .
Investors are watching closely the out-of-stock price movements, where Treasury yields are trading near a one-year high and oil and gas prices have skyrocketed amid the cold snap in Texas.
Congressional hearings on the GameStop saga will also begin Thursday, with Melvin Capital and Robinhood leaders joining Reddit trader Keith Gill on the U.S. House Financial Services Committee.