Wall Street set to extend losses
U.S. stock futures were pointing to more losses for Wall Street on Thursday, after the major indices ended the previous session lower, weighed down by a selloff in information technology, energy, and materials stocks.
At around 5:45 a.m. ET, futures tied to the blue-chip Dow were indicated 80 points, or 0.23% lower to 34,932.
S&P 500 futures fell 11.75 points, or 0.26% to 4,500.75 while the tech-heavy Nasdaq 100 futures dropped 32.75 points, or 0.21% to 15,587.25.
On Wednesday, the Dow tumbled 68.93 points, or 0.2% to finish the session at 35,031.07.
The S&P 500 index gave away 5.69 points, or 0.1% to end at 4,514.07 while the Nasdaq Composite Index lost 87.69 points, or 0.6%, to close at 15,286.64.
Traders eye jobless claims data and Fed speakers
Today’s major economic data release will be the weekly initial jobless claims report at 8:30 a.m. ET.
Expectations call for the number of claims to dip to 314,000 for the week ended Sept. 4 versus the 317,000 recorded the previous week.
Later in the session, the U.S. Energy Information Administration will release data on U.S. crude supplies.
Several Federal Reserve presidents including Chicago’s Charles Evans, San Francisco’s Mary Daly, Dallas’ Robert Kaplan, New York’s John Williams, and Boston’s Eric Rosengren are also scheduled to deliver speeches today.
GameStop sinks on wider-than-expected Q2 loss
Meanwhile, shares in GameStop (NYSE: GME) were under pressure in the pre-market trading session after the company reported a bigger-than-expected loss for its second quarter late Wednesday.
The videogame retailer and “meme stock” king reported an adjusted net loss of $55 million, or 76 cents per share, missing analysts’ estimates for a loss of 66 cents per share.
However, revenue grew 26% on a year-over-year basis to $1.18 billion and slightly topped expectations of $1.12 billion.
As of writing, GameStop stock was marked $15.36, or 7.73% lower to $183.44 per share.