Traders await economic data dump
U.S. stock futures were little changed early Thursday, with the tech-heavy Nasdaq 100 futures gaining 58.75 points, or 0.1% to 15,130.25 as of 5 a.m. ET.
The blue-chip Dow Jones industrial average futures and the S&P 500 futures were flat.
Today is the last trading day of the month and quarter, and stock traders will be focused on several economic announcements.
Weekly jobless claims, personal income, and personal spending data figures will be reported at 8:30 a.m. ET and are all expected to rise slightly.
Friday’s March jobs report is the highlight of the week, with the Labor Department expected to announce an increase of around 470,000 jobs for the month.
Crude futures slide amid reports of Biden drawing from strategic oil reserve
In energy markets, crude futures were slumping after multiple media outlets reported that President Joe Biden plans to order the release of up to 1 million barrels of oil per day from the Strategic Petroleum Reserve (SPR).
Reuters reported on Wednesday, citing four sources familiar with the matter, that Biden is preparing to release up to 180 million barrels of oil over several months from the nation’s strategic petroleum reserve as his administration tries to tame soaring fuel prices.
The move, which is set to be announced later today, would mark the third and possibly biggest oil release the administration has announced since November.
As of 5 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures were indicated $5.68, or 5.275 to $102.14 a barrel. Global Brent crude futures gave away $4.85 points, or 4.35% to $106.59 a barrel.
U.S.-listed Chinese stocks slump on delisting fears
Meanwhile, Baidu (NASDAQ: BIDU) and shares of other Chinese companies listed on the American stock market fell in premarket trading hours on Thursday amid fears they will be delisted.
Baidu, iQiyi (NASDAQ: IQ), and Futu Holdings Ltd (NASDAQ: FUTU) were among five companies that the U.S. Securities and Exchange Commission added to a growing list of stocks that may be delisted from the American stock market.
SEC Chairman Gary Gensler also played down speculation that the regulator is working on a deal to prevent the delisting of about 200 Chinese stocks.
In December 2020, U.S. lawmakers passed the Holding Foreign Companies Accountable Act (HFCAA) that requires US-listed foreign companies to have reputable accounting firms do an audit.
As of writing, Baidu stock was down $3.25, or 2.26% to $140.58 a share. IQiyi shed 7.14% while Futu dipped 5.99%.
