The major U.S. index futures point to a moderately lower opening on Thursday, potentially adding to the losses stocks incurred in the previous session.
On Wednesday, the major averages retreated, as rate worries and profit-taking following two straight sessions of solid gains exerted downward pressure on stocks. The market opened lower and fell further in early trading as traders digested better-than-expected private payroll data. Stocks, however, cut their losses over the course of the session and yet closed modestly lower.
Utility and real estate stocks were among the worst decliners, while energy stocks provided the offsetting impact.
|S&P 500 Index||-0.20%||3,783.28|
Against the abounding uncertainties, it is best to be positioned with companies that survive a weak economy than companies that have more upside potential, hoping to retrace toward the previous highs, hedge fund manager Louis Navellier said in a note.
“Continue to use the volatility to reduce exposure of more speculative names on rallies and add high-quality on pullbacks,” he added.
Here’s a peek into index futures trading:
|Nasdaq 100 Futures||-0.79%|
|S&P 500 Futures||-0.76%|
In premarket trading on Thursday, the SPDR S&P 500 ETF TrustSPY retreated 0.69% to $374.50, and Invesco QQQ TrustQQQ declined 0.75% to $279.86, according to Benzinga Pro data.
On the economic front, the Labor Department is scheduled to release its jobless claims report for the week ended Oct. 1 at 8:30 a.m. EDT. The consensus calls for an increase in the number of individuals claiming unemployment benefits from 193,000 to 203,000.
U.S. Federal …….