Stocks - U.S. Futures Flat as Investors Pause After Weak European Data
Investing.com - U.S. futures dipped on Thursday, as concerns over the global economy crept back into market sentiment after Wednesday's weak ADP (NASDAQ:ADP) payrolls report was compounded by more gloomy economic data from Germany
Factory orders in Europe's biggest economy fell by the most in two years in February. hile the data has been superseded by more recent anecdotal figures for March, they are further evidence of a slowdown in the bloc and, by extension, the global economy.
Dow futures fell 10 points or 0.04% by 6:40AM ET (10:40 GMT), while S&P 500 futures slipped half a point or 0.03% and tech-heavy Nasdaq 100 futures was down 4 points or 0.05%.
In other news, trade talks between the U.S. and China are reported to be in their final stage, with U.S. President Donald Trump "likely" to announce a summit with China’s President Xi Jinping on Thursday, according to an administration official quoted by Bloomberg. However, the announcement on its own is unlikely to answer all questions about how effective and lasting a deal between the two countries will be.
Tesla (NASDAQ:TSLA) was among the hardest hit in premarket trading, falling 7.7% after it reported a 31% in vehicle deliveries for the first quarter of 2019, due to difficulties in Europe and China and a reduction in U.S. tax credits.
LYFT (NASDAQ:LYFT) slipped another 0.3% in premarket after a report that early backer Carl Icahn had sold his 2.7% stake, worth over $500 million, to George Soros ahead of the company's IPO.
Meanwhile, semiconductor company Micron (NASDAQ:MU) slumped 3.5% after a strong rally on Wednesday, while Western Digital Corporation (NASDAQ:WDC) slipped 0.7%.
Elsewhere, Facebook (NASDAQ:FB) gained 0.7%, while Walt Disney (NYSE:DIS) was up 0.6% despite news that the company is being sued over alleged gender pay inequality.
On the economic front, weekly jobless claims come out at 8:30 AM ET (12:30 GMT). Speeches from Federal Reserve policymakers will also be in focus. New York Fed President John Williams, Philadelphia Fed President Patrick Harker and Cleveland Fed President Loretta Mester are all due to speak at separate events.
In commodities, gold futures were flat at $1,295.25 a troy ounce, while crude oil consolidated just below its 2019 highs at $62.47 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.1% to 96.738.
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