Stocks look set to slip lower again Thursday as investors wait for economic reports that could provide more clues on when the Fed will start to tighten monetary policy.
U.S. stock futures were weaker across the board, with Nasdaq futures losing 0.5 percent after Wednesday’s warning of slowing demand by Cisco.
It’s a busy day for economic reports Thursday. The U.S. government will release its weekly report on initial jobless claims at 8:30 a.m. ET, along with a monthly report on inflation.
Also at 8:30, the New York branch of the Federal Reserve will publish its monthly report on manufacturing.
At 9:15, the Fed will release its monthly data on industrial production and capacity utilization.
On the corporate front, Walmart is set to release its quarterly results before the opening bell Thursday, as is fellow retailer Kohl’s.
U.S. stocks closed slightly lower Wednesday.
Cisco shares sank in after-hours trading Wednesday after the tech giant revealed plans to cut 4,000 jobs, citing difficult economic conditions.
J.C. Penney shares rose after investment manager George Soros revealed the size of his stake in the embattled retailer.
European markets were weaker in morning trading, taking their cue from U.S. markets and a softer tone in Asia, where markets ended lower on the day. The Shanghai Composite lost almost 1%, while the Nikkei declined 2.1 percent as the yen strengthened. Hong Kong’s Hang Seng was flat as traders returned from a one-day typhoon break.
