U.S. stock futures point to a lower open on Thursday, with the tech-heavy Nasdaq leading the retreat after Tesla’s stock slumped nearly 8%.How are stock-index futures trading
S&P 500 futures
ES00,
-0.74%
dipped 30 points, or 0.7%, to 4148
Dow Jones Industrial Average futures
YM00,
-0.44%
fell 166 points, or 0.5%, to 33867
Nasdaq 100 futures
NQ00,
-1.06%
slid 129 points, or 1%, to 13054
On Wednesday, the Dow Jones Industrial Average
DJIA,
-0.23%
fell 80 points, or 0.23%, to 33897, the S&P 500
SPX,
-0.01%
declined 0.4 points, or 0.01%, to 4155, and the Nasdaq Composite
COMP,
+0.03%
gained 4 points, or 0.03%, to 12157.
What’s driving markets Sentiment was hit by a sharp slide in Tesla stock
TSLA,
-2.02%
after Elon Musk suggested he was prepared to boost market share at the expense of profit margins. European carmakers stumbled, hurting benchmarks like Germany’s DAX 40 index
DAX,
-0.67%,
which then fed back into falls for U.S. futures. Shares of Ford Motor
F,
-4.01%
and General Motors
GM,
-2.12%
were down nearly 2% each in premarket action. The news reminded investors of potential dangers lurking within the unfolding first-quarter earnings season. Companies in line to present their results on Thursday, include: AT&T Inc.
T,
-0.61%,
Comerica Inc.
CMA,
+5.49%,
Fifth Third Bancorp
FITB,
+3.13%,
Union Pacific Corp.
UNP,
+1.27%,
Phillip Morris International Inc.
PM,
+0.18%,
American Airlines Group Inc.
AAL,
+2.56%,
and American Express Co.
AXP,
+0.33%.
Intraday and premarket wobbles aside, U.S. equity benchmarks have moved little of late as traders wait to see if the S&P 500 can burst above its five-month trading channel between 3,800 to 4,200. “U.S. equity markets are firmly bottled up within the range and showing no momentum,” said the strategy team at Saxo Bank. “That [Nasdaq 100] index and the equally low volatility S&P 500 index, may be awaiting the next move in the Treasury yields or the earnings reports in the coming two weeks from the handful of market cap giants like Apple
AAPL,
+0.70%,
that have driven the bulk of returns for the large-cap indices this year,” Saxo concluded.
Adding to the caution are lingering concerns that tighter central bank policy will crimp growth, according to some analysts. ‘’Equity trading is lackluster and oil prices have continued their descent…as more worries bubble up about the strength of the global economy and economies brace for further rate hikes from central banks,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. “Concerns are colliding about stubbornly high inflation in Europe, expectations of a U.S. recession and this week’s weaker than expected data on investment in the beleaguered property sector in China,” Streeter added. U.S. economic updates set for release on Thursday include the weekly initial jobless claims and the Philadelphia Fed manufacturing survey for April, both due at 8:30 a.m. Eastern. The March existing home sales report and U.S. leading economic indicators data will be published at 10 a.m. And there’s a batch of Fed speakers, too. Fed Governor Christopher Waller will make comments at noon; Cleveland Fed President Loretta Mester will talk at 12:20 p.m.; the Dallas Fed listens event with Dallas Fed President Lorie Logan and Fed Governor Michelle Bowman will begin at 3 p.m.; and Atlanta Fed President Raphael Bostic will speak at 5 p.m. The latest economic data seems to be breaking the Federal Reserve’s way, with cooling of both inflation and the labor market, New York Fed President John Williams said late on Wednesday.
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AAPL,
+0.70%,
that have driven the bulk of returns for the large-cap indices this year,” Saxo concluded.
Adding to the caution are lingering concerns that tighter central bank policy will crimp growth, according to some analysts. ‘’Equity trading is lackluster and oil prices have continued their descent…as more worries bubble up about the strength of the global economy and economies brace for further rate hikes from central banks,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. “Concerns are colliding about stubbornly high inflation in Europe, expectations of a U.S. recession and this week’s weaker than expected data on investment in the beleaguered property sector in China,” Streeter added. U.S. economic updates set for release on Thursday include the weekly initial jobless claims and the Philadelphia Fed manufacturing survey for April, both due at 8:30 a.m. Eastern. The March existing home sales report and U.S. leading economic indicators data will be published at 10 a.m. And there’s a batch of Fed speakers, too. Fed Governor Christopher Waller will make comments at noon; Cleveland Fed President Loretta Mester will talk at 12:20 p.m.; the Dallas Fed listens event with Dallas Fed President Lorie Logan and Fed Governor Michelle Bowman will begin at 3 p.m.; and Atlanta Fed President Raphael Bostic will speak at 5 p.m. The latest economic data seems to be breaking the Federal Reserve’s way, with cooling of both inflation and the labor market, New York Fed President John Williams said late on Wednesday.
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