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(Reuters) – U.S. stock index futures were subdued on Thursday as investors braced for another staggering weekly jobless claims figure, the latest evidence of a slowing economic recovery from a pandemic-led recession.
The Labor Department’s report, due at 8:30 a.m. ET, is likely to show 840,000 Americans filed for unemployment benefits in the week ended Sept. 19. Although down slightly from 860,000 in the previous week, it would still signal a cooling in the labor market’s rebound.
Wall Street’s main indexes have stumbled this month, with the S&P 500 hovering just above correction territory on waning hopes of more fiscal stimulus, signs of choppy economic growth and a sell-off in heavyweight technology-related names.
The Nasdaq entered correction territory earlier this month, but the blue-chip Dow has outperformed its peers on demand for value-linked stocks such as industrials.
At 6:55 a.m. ET, Dow e-minis were up 47 points, or 0.18%, S&P 500 e-minis were up 4.25 points, or 0.13%, and Nasdaq 100 e-minis were down 11.75 points, or 0.11%
Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN), Netflix Inc (NASDAQ:NFLX) and Google-parent Alphabet (NASDAQ:GOOGL) Inc, which have led a Wall Street rally since April, edged lower in premarket trading.
A 4% slide put Tesla (NASDAQ:TSLA) Inc on course for its third straight day of declines following an underwhelming “Battery Day” presentation by Chief Executive Officer Elon Musk.
Big banks including Goldman Sachs Group Inc (NYSE:GS), Wells Fargo (NYSE:WFC) & Co and JPMorgan Chase (NYSE:JPM) & Co gained between 0.8% and 1.6%.
U.S.-listed shares of Tencent Music Entertainment Group (NYSE:TME) rose 1.5% as Jefferies (NYSE:JEF) forecast encouraging revenue growth in the third quarter and solid momentum in subscription for the China-based music streaming company.
Nikola Corp, which is set for one of its biggest weekly declines ever, tumbled another 7.8% as Wedbush downgraded the stock to “underperform”.
