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US stocks were struggling for a direction ahead of Thursday’s opening bell as traders digested readings on US jobless claims and producer prices, while keeping an eye on speeches from several Federal Reserve officials.
Oil prices nudged lower with global benchmark Brent crude down 0.98%, and US crude West Texas Intermediate down 1% recently after official data showed a weekly surge in US crude inventories.
Data released at 8:30 am showed new unemployment claims fell to 196,000 in the April 6 week from 202,000 in the previous week and against expectations for 211,000. Producer prices rose 0.6% for March as compared with a marginal 0.1% gain in the previous month, according to data compiled by Econoday.
Federal Reserve Chairman Jerome Powell, Vice Chair Richard Clarida, Presidents John Williams and James Bullard, as well as Governor Michelle Bowman are scheduled to give speeches.
In equities, shares of Tesla (TSLA) were 3.1% lower pre-bell after the Nikkei reported that the American electric vehicle manufacturer and Japan’s Panasonic halted the planned capacity expansion of their $4.5 billion plant in the US amid volatile demand.
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial up 0.08%
-S&P 500 futures up 0.04%
-Nasdaq 100 futures down 0.02%
-Nasdaq 100 pre-market indicator up 0.07%
Nikkei up 0.11%
Hang Seng down 0.93%
Shanghai Composite down 1.60%
FTSE-100 up 0.02%
DAX-30 up 0.30%
PRE-MARKET SECTOR WATCH
(+/-) Large cap tech: mixed
(-) Chip stocks: unchanged to lower
(+) Software stocks: unchanged to higher
(+) Hardware stocks: unchanged to higher
(+) Internet stocks: unchanged to higher
(+/-) Oil stocks: mixed
(+) Biotech stocks: unchanged to higher
(-) Drug stocks: unchanged to lower
(+/-) Financial stocks: mixed
(+) Retail stocks: unchanged to higher
(+/-) Industrial stocks: mixed
(+/-) Airlines: mixed
(+/-) Autos: mixed
(+) FRSH (+31.1%) Agrees to $190 million takeover by MTY Food Group
(+) GLG (+46.3%) Names Eric Finnsson as CFO
(+) VKTX (+6.6%) Phase 2 trial of VK2809 in non-alcoholic fatty liver disease achieves primary endpoint
(-) BBBY (-11.9%) Reports mixed Q4 results
(-) EYES (-10.5%) Reports positive results from early feasibility study of Orion visual prosthesis system
(-) ICPT (-8.9%) Reports additional positive data from phase 3 trial in NASH