Thursday looked set for a lower open on Wall Street, just one day after the Dow closed above 26,000 for the first time.
In premarket trading, Alcoa dropped about 7.8 percent following the aluminum producer’s quarterly earnings missing the estimates of analysts.
Technology majors Facebook, Apple and Intel all were somewhat lower.
Morgan Stanley ended the earnings season for the large U.S. banks with a better-than-expected adjusted profit, driving the bank’s shares up 0.85 percent.
“Fourth quarter in terms of net interest margins for money center banks were better than expected, so that’s good news. And with interest rates rising, the outlook for financials are pretty good,” said Art Hogan, chief market strategist.
At 8:58 a.m. EST, Dow e-minis were up 8 points, or 0.03 percent, with 42,809 contracts changing hands. S&P 500 e-minis were down 2.25 points, or 0.08 percent, with 179,729 contracts traded. Nasdaq 100 e-minis were down 19.75 points, or 0.29 percent, on volume of 45,319 contracts.
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Data revealed that last week the number of Americans filing for unemployment benefits dropped more than anticipated to a 45-year low. Yet, the drop likely exaggerated the health of the labor market since a few states data was estimated.
Chinese data, which revealed that its economic growth advanced for the first time in seven years, set a firm foundation for world stocks.
“Economic data continues to accelerate both domestically and globally and that is certainly among the key drivers in the market,” Hogan said.
On Wednesday, the Federal Reserve stated that the U.S. economy and inflation increased at a modest-to-moderate pace from late November through the end of the year, while wages continued to increase.
Republican leaders in the U.S. Congress increased their efforts to pass a temporary extension in funding government operations to avoid a shutdown, scheduling a vote on the measure for Thursday. The government is now operating on the third temporary funding extension since the beginning of 2018 fiscal year which commenced Oct. 1.