Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Dow Futures Down 200 Pts; GDP, Jobless Claims, Nike Earnings Due

Stock Markets Sep 29, 2022 07:22
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters
 
EUR/USD
+0.26%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XAU/USD
+0.21%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
US500
-1.44%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
-1.03%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BBBY
-7.48%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MU
-0.67%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Peter Nurse

Investing.com -- U.S. stocks are seen opening lower Thursday, heading back towards the lowest levels of the year ahead of the release of the latest inflation and growth data.

At 07:00 ET (11:00 GMT), the Dow Futures contract was down 200 points or 0.7%, S&P 500 Futures traded 30 points or 0.8% lower, and Nasdaq 100 Futures dropped 130 points or 1.1%.

The main equity indices closed higher Wednesday, with the blue-chip Dow Jones Industrial Average ending over 500 points or about 1.9% higher, and the broad-based S&P 500 rose about 2%, both averages snapping six-day losing streaks. The tech-heavy Nasdaq Composite gained about 2.1%.

This bounce off the year's lowest levels followed the Bank of England intervening in the bond market in order to support the gilt market as well as the pound, additionally trying to prevent contagion into other markets. However, this action has only had a limited impact.

Additionally, worries about the U.S. economy falling into recession remain with Federal Reserve officials making it clear they want interest rates to stay higher for longer than investors previously thought in order to tame inflation.

There are more speeches from Fed policy makers Thursday, but the focus is likely to be on another print of gross domestic product for the second quarter. This is due at 08:30 ET (12:30 GMT) and is expected to say the economy contracted 0.6% from the first quarter. Weekly initial jobless claims are also due at the same time.

Adding to the worries, Moscow announced that Russia will formally annex four more areas of Ukraine on Friday after referendums in the regions, condemned by Ukraine and the West as invalid.

This is "a move that could both dramatically escalate the war (as Putin threatens nuclear weapons against anyone who doesn’t acknowledge his fake border) but also bring it to a stalemate (as Moscow probably won’t attempt to take any incremental beyond the territories in question)," said analysts at Vital Knowledge Media, in a note.

"We think the latter is more likely than the former, but neither scenario is really 'positive' as Russia's relationship with the world will stay substantially degraded at least until Putin is no longer around."

In corporate news, earnings are due from the likes of Bed Bath & Beyond (NASDAQ:BBBY) and Micron Technology (NASDAQ:MU), but most eyes will be on results from sports apparel maker Nike (NYSE:NKE), which has had supply chain and production issues in China in recent quarters.

Oil prices edged higher Thursday, helped by U.S. crude inventories showing a surprise drawdown last week, which dispelled some concerns over dwindling short-term demand.

By 07:00 ET, U.S. crude futures traded 0.3% higher at $82.38 a barrel, while the Brent contract rose 0.3% to $88.31.

Both benchmarks rebounded around 4% over the prior two sessions after reaching nine-month lows earlier this week as Hurricane Ian threatened to disrupt supply in the Gulf of Mexico.

Additionally, gold futures fell 0.7% to $1,658.05/oz, while EUR/USD traded 0.2% lower at 0.9713.

Dow Futures Down 200 Pts; GDP, Jobless Claims, Nike Earnings Due
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email