Following the mixed performance seen in the previous session, stocks may move to the downside in early trading on Thursday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 83 points.
The downward momentum on Wall Street comes as traders continue to digest the Federal Reserve’s decision to raise interest rates by a quarter point on Wednesday.
Traders may also react to a slew of U.S. economic data, including a report from the Labor Department showing a bigger than expected drop in initial jobless claims in the week ended June 10th.
The report said initial jobless claims fell to 37,000, a decrease of 8,000 from the previous week’s unrevised level of 245,000. Economists had expected jobless claims to drop to 242,000.
A separate report released by the Labor Department showed a bigger than expected drop in import prices in the month of May, reflecting a steep decline in prices for fuel imports.
The Labor Department said its import price index fell by 0.3 percent in May after rising by 0.2 percent in April. Economists had expected import prices to edge down by 0.1 percent.
The report also said export prices slid by 0.7 percent in May following a 0.2 percent increase in the previous month. Export prices had been expected to inch up by 0.1 percent.
Growth in Philadelphia-area manufacturing activity slowed in the month of June, according to a report released by the Federal Reserve Bank of Philadelphia.
The Philly Fed said its index for current manufacturing activity in the region decreased to 27.6 in June from 38.8 in May, although a positive reading still indicates growth. The index had been expected to drop to 24.0.
After reporting a contraction in regional manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report showing a rebound in activity in the month of June.
The New York Fed said its general business conditions index shot up to 19.8 in June from a negative 1.0 in May,…