U.S. Stock Futures Reverse Course After FOMC Rally

U.S. stock futures were drifting lower into Thursday's open following a post-Federal Open Market Committee

relief rally Wednesday that drove the Dow Jones Industrial Average and S&P 500 to two-week highs and the Nasdaq briefly over 5,000.

As some of Wednesday's froth burns off, exacerbated by continued pressure on the energy sector, futures for all three benchmark indices have moved into negative territory Thursday morning before the opening bell.

Thursday's economic data had little impact on early trading. Initial jobless claims for the week ended March 14 increased by only 1,000 to 291,000, beating the consensus estimate for a 4,000 gain to 293,000. The week ended March 7 was revised upward by 1,000 to 290,000.

The current-account deficit, which measures U.S. transactions including those for goods and services with the rest of the world, increased to $113.5 billion for Q4 2014 from a revised deficit of $98.9 billion in Q3, wider than estimates for a deficit of $105.0 billion.

Thursday's remaining data include the March Philadelphia Fed Business Outlook index, expected to increase to 7.0 from February's 5.2, and February leading economic indicators, expected to improve 0.3%.

In corporate news, Apple ( AAPL ) makes its Dow Jones Industrial Average debut today, buoying the stock in pre-market, while Target ( TGT ) shares were nearly 2% lower heading into the open after the retailer said it will raise its minimum wage to $9 per hour and pay a $10 million proposed fine in regard to its 2013 data breach.

-Dow Jones Industrial down 0.3%

-S&P 500 futures down 0.3%

-Nasdaq 100 futures down 0.1%


Nikkei down 0.5%

Hang Seng up 1.5%

Shanghai Composite up 0.2%

FTSE-100 up 0.1%

DAX-30 down 0.3%


(-) Large cap tech: Lower

(-) Chip stocks: Lower

(-) Software stocks: Lower

(-) Hardware stocks: Lower

(+/-) Internet stocks: Mixed

(-) Drug stocks: Lower

(-) Financial stocks: Lower

(+/-) Retail stocks: Mixed

(-) Industrial stocks: Lower

(+) Airlines: Higher

(-) Autos: Lower


(+) FOLD (+27.81%) Announced a positive global regulatory updates on the EMA and FDA meetings for Febry monotherapy

(+) SMLR (+5.83%) Peripheral artery disease testing system gets FDA clearance

(+) GES (+10.51%) Reported stronger-than-expected Q4 earnings

(+) HRTX (+10.83%) Study of post-operative pain drug yields positive results


(-) GARS (-3.13%) Prices shareholders' sale of shares at 2.7% discount

(-) APPS (-7.13%) Reverses gains after disclosing that Appia merger will double 2016 revenue

(-) TGT (-1.84%) Raises minimum wage, agrees to settlement regarding data breach

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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