Investing.com — Wall Street futures are drifting lower Thursday ahead of the release of the weekly jobless claims data. Apple is in the spotlight over claims it could charge for its AI product, while the impact of the global carry trade remains in focus.
1. Futures slip lower
U.S. stock futures edged lower Thursday, stabilizing to a degree following several dramatic swings in recent days.
By 04:15 ET (08:15 GMT), the contract was 100 points, or 0.3%, lower, dropped 15 points, or 0.3%, and fell by 32 points, or 0.2%.
The Wall Street indices closed lower Wednesday, unable to hold an early rally, the blue chip closing over 200 points, or 0.6%, lower, while both the broad-based dropped 0.8% and the tech-heavy fell 1.1%.
There are more earnings to digest Thursday, including from drugmaker Eli Lilly (NYSE:) and fashion retailer Under Armour (NYSE:).
Additionally, Bumble (NASDAQ:) stock slumped 30% premarket after the online dating agency cut its annual revenue growth forecast, sparking worries about its growth plans.
Warner Bros Discovery (NASDAQ:) stock fell almost 10% premarket after the entertainment giant reported a quarterly net loss of $10 billion, announcing it has written down the value of its traditional television networks by $9.1bn, a dramatic recognition of how fast streaming is eroding the cable business model.
2. Jobless claims in focus
Worries about a U.S. hard landing, after Friday’s weak release, sparked the sharp selloff on Wall Street.
With this in mind, the macro spotlight is squarely on the weekly figures out of the U.S. later in the day, with economists expecting initial jobless claims to total 241,000 last week, a small reduction from the prior week’s 249,000.
That release showed the number of Americans filing new applications for unemployment benefits increased to an 11-month high last week, adding to fears that the labor market was cooling quickly.
The report from the Labor Department on Thursday also showed the number of people on jobless rolls swelling in mid-July to the highest level since late 2021.
Federal Reserve Chair Jerome Powell said last week that while he viewed the changes in the labor market as “broadly consistent with a normalization process,” policymakers were “closely monitoring to see whether it starts to show signs that it’s more than that.”
3. 75% of carry trade removed – JPMorgan
One of the main contributors to the market turmoil of the last few days has been the unwinding of the global…
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