U.S. Stock Futures Point to Slightly Higher Open after Selloff

This post was originally published on this site

© Reuters. © Reuters.

Investing.com – U.S. stock futures pointed to a slightly higher open on Wall Street on Thursday as Wall Street’s main indexes attempted to stage a recovery in the wake of their sharpest one-day decline in almost six weeks a day earlier.

By 6:55 AM ET, were up 46 points or 0.1%. futures were up just 6 points or 0.2% and rose 0.3%.

Markets tumbled on Wednesday after employment and manufacturing data suggested that the U.S.-China trade war is taking an increasing toll on the U.S. economy.

Adding to trade concerns, the U.S. won approval on Wednesday to levy tariffs on $7.5 billion worth of European goods over illegal subsidies handed to Airbus, threatening to trigger a transatlantic trade war.

Investors were looking ahead to the release of IHS Markit’s and purchasing managers indices, along with the Institute of Supply Management’s surveys later in the trading day for fresh indications of the strength of the economy, ahead of Friday’s government employment report for September.

Earlier Thursday, Chicago Fed President Charles Evans said the outlook for the U.S. economy is “quite good” but modest monetary policy adjustments will not be enough to offset potential economic shocks.

In earnings news, shares in Pepsi (NASDAQ:) rose in premarket trading after it beat quarterly revenue and profit estimates, as ramped up advertising and new low-calorie versions of Gatorade boosted demand for its beverages in North America. Earnings were down nearly 15% year-on-year, even so.

Brewer Constellation Brands (NYSE:) was also due to report ahead of the opening bell, while Costco (NASDAQ:) was set to report after the close.

Meanwhile, Tesla (NASDAQ:) was in focus after falling short of expectations with its third-quarter deliveries, which totalled 97,000. CEO Elon Musk had predicted the company would crack 100,000 for the first time.

The , which measures the greenback against six rival currencies, was little changed at 98.74. In commodities, were flat at $1,507.55 a troy ounce, while was a touch lower at $52.55 a barrel.

–Reuters contributed to this report

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.