Aug 8 2024: US stock futures moved lower on Thursday, stabilizing slightly after recent volatility. By 04:15 ET (08:15 GMT), Dow futures were down 100 points, or 0.3%, S&P 500 futures fell 15 points, or 0.3%, and Nasdaq 100 futures dropped 32 points, or 0.2%.
On Wednesday, major indices closed lower: the Dow Jones Industrial Average fell over 200 points, or 0.6%, the S&P 500 decreased by 0.8%, and the Nasdaq Composite slid 1.1%. Today’s earnings reports include Eli Lilly and Under Armour, while Bumble’s stock plunged 30% premarket following a revenue forecast cut. Warner Bros Discovery also saw a nearly 10% drop premarket after a significant quarterly net loss and a major write-down of its TV networks.
Attention is on the jobless claims report due later today. Economists forecast initial claims will be 241,000, a slight decrease from the previous week’s 249,000. Last week’s report showed new unemployment claims at an 11-month high, raising concerns about a slowing labor market.
The recent unwind of global carry trades has influenced market movements, with JPMorgan reporting that 75% of these trades have been removed due to shifting global rates and the Bank of Japan’s recent rate hike.
Apple is expected to charge users up to $20 for new AI features in its upcoming iPhone update, aiming to boost its services revenue. Apple’s services sector generated $24.2 billion in the June quarter, positioning it uniquely in monetizing software compared to other hardware firms.
Crude oil prices fell, set to end a two-day rally, with U.S. crude futures (WTI) down 0.1% to $75.19 a barrel and Brent crude down 0.2% to $78.21. The decline follows weak Chinese import data, which showed a 12% drop in oil imports for July compared to June, renewing concerns about global demand.
