Futures tied to the Dow Jones Industrial Average and other major U.S. indexes traded lower on Thursday as investors reacted to a surprise jump in weekly unemployment claims. The Labor Department reported jobless claims rose to 235,000, against estimates of 224,000, while continuing claims stood at 1.972 million, also above forecasts.
Ahead of the opening bell, Dow futures slipped 0.4%, with S&P 500 futures down 0.4% and Nasdaq 100 futures also lower by 0.4%. Treasury yields edged higher, with the 10-year yield at 4.3%. Oil prices gained, with West Texas Intermediate trading near $63 a barrel.
In premarket action, Walmart shares declined sharply after the retail giant missed earnings estimates, dragging sentiment across the broader retail space. Among major exchange-traded funds, the Invesco QQQ Trust was down 0.5% and the SPDR S&P 500 ETF dropped 0.4%.
Within the Dow, 3M slipped 1%, holding above its 50-day moving average. Amazon declined 0.6%, on track for a third consecutive loss, while Nvidia dropped 0.7%, extending recent weakness. On the upside, Boeing rallied 2% following a Bloomberg report that the company is close to finalizing a deal with China to supply up to 500 aircraft.
Adding to the cautious mood, the Philadelphia Fed Manufacturing Index turned negative in August at -0.3, compared with expectations of 8.0, after July’s reading of 15.9.
