US stocks were set for another round of losses Thursday amid fresh concerns about the ongoing trade dispute between the US and China after the arrest of a high-ranking official of Chinese digital device maker Huawei.
Oil prices nudged lower with global benchmark Brent crude down 2.16% and US West Texas Intermediate crude down 2.53% recently after a Saudi official signaled that major producers have yet to reach an agreement on the proposed output cuts.
Data released at 8:15 am showed ADP's private payroll estimate in November came in at 179,000 against 175,000 consensus and October estimate of 227,000, according to data compiled by Econoday.
At 8:30 am, trade deficit widened to $55.5 billion for October from the prior month's $54 billion deficit. New unemployment claims fell 3,000 to 231,000 in the Dec. 1 week. The second estimate for Q3 non-farm productivity came in at a 2.3% increase, in-line with expectations, versus the first estimate of a 2.2% increase. Unit labor costs came in at 0.9% build versus estimates for 1.1% build and previous reading of a plus 1.2%.
At 9:45 am, the PMI services index is seen coming in at 54.4 for November versus the previous level of 54.8.
At 10 am, forecasters see factory orders falling 2% in October. The ISM nonmanufacturing index is seen at a consensus of 59.0 in November versus 60.3 in October.
Federal Reserve Chair Jerome Powell is scheduled to speak at a housing conference in Washington, DC.
In equities, shares of Momo ( MOMO ) were trading 11.1% lower pre-bell even after the company reported Q3 results that met Street expectations.
U.S. PRE-MARKET INDICATORS
-Dow Jones Industrial down 1.64%
-S&P 500 futures down 1.47%
-Nasdaq 100 futures down 1.87%
-Nasdaq 100 pre-market indicator down 1.52%
GLOBAL SENTIMENT
Nikkei down 1.91%
Hang Seng down 2.47%
Shanghai Composite down 1.68%
FTSE-100 down 2.51%
DAX-30 down 2.56%
PRE-MARKET SECTOR WATCH
(-) Large cap tech: unchanged to lower
(-) Chip stocks: lower
(-) Software stocks: lower
(-) Hardware stocks: unchanged to lower
(-) Internet stocks: lower
(-) Oil stocks: lower
(-) Biotech stocks: unchanged to lower
(-) Drug stocks: lower
(-) Financial stocks: lower
(+/-) Retail stocks: mixed
(+/-) Industrial stocks: mixed
(-) Airlines: unchanged to lower
(-) Autos: unchanged to lower
UPSIDE MOVERS
(+) TST (+29%) To sell The Deal, BoardEx units for $87.3 million
(+) VBIV (+27.9%) Enters into license, collaboration deal with Brii Biosciences
(+) EARS (+10.9%) Secures orphan drug status, rights to in-license additional patents related to Betahistine
DOWNSIDE MOVERS
(-) AAPL (-2.2%) Report says Google and Amazon will be launching competitors to Apple's Airpods
(-) AVA (-15.4%) Washington regulators deny Avista-Hydro One deal
(-) APHA (-11%) Sets up special committee to review LatAm Holdings acquisition
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
