At around 02:50 a.m. ET, Dow futures slipped 25 points, indicating a negative open of more than 9 points. The 30-stock average closed at an all-time high in the previous session. Futures on the S&P — which also eked out a record closing high on Wednesday — and Nasdaq were both seen marginally lower.
Market focus is largely attuned to global trade developments, as investors closely monitor the extent of progress between the world’s two largest economies.
Talks between the U.S. and China are thought to have hit a snag over agricultural purchases. The Wall Street Journal reported on Wednesday that Beijing is resisting requests from the White House to curb tech transfers as well as enforcement mechanisms. China is also reportedly wary about committing to specific farm purchases from the U.S.
In a policy speech earlier this week, President Donald Trump did not offer a specific update on the progress of negotiations but suggested both sides were “close” to reaching a “phase one” agreement.
Washington and Beijing have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
Earnings, data, Powell
Nvidia, Applied Materials and Aurora Cannabis are poised to release their latest quarterly figures after market close.
On the data front, the latest weekly jobless claims will be released at around 8:30 a.m. ET. The Labor Department is poised to report its producer price index (PPI) for October at the same time.
At around 10:00 a.m. ET, Federal Reserve Chair Jerome Powell will testify before the House Budget Committee on the economic outlook.
In prepared remarks on Wednesday, Powell said the path of Fed interest rates is unlikely to change as long as the economy keeps growing.