Wall Street Tips Lower After Massive Rally

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US stocks pointed to a weaker open on Thursday following a massive rally in the previous session, while the turmoil in Washington and trade concerns have once again taken center stage.

Oil prices nudged lower with global benchmark Brent crude down 1.62%, and US crude West Texas Intermediate down 1.51% recently after posting its strongest daily gain in more than two years.

Data released at 8:30 am showed new unemployment claims came in at 216,000 in the Dec. 22 week vs the 217,000 level expected, according to data compiled by Econoday.

At 9 am, the Federal Housing Finance Agency house price index is expected to post a steady growth of 0.2% for October.

At 10 am, forecasters see consumer confidence coming in at 134.0 for December vs November's 135.7 level.

In equities, shares of Energous ( WATT ) were 23% higher pre-bell after the company launched the first customer product to secure approval from the Federal Communications Commission: the WattUp-enabled personal sound amplification products from Delight.


-Dow Jones Industrial down 1.35%

-S&P 500 futures down 1.35%

-Nasdaq 100 futures down 1.33%

-Nasdaq 100 pre-market indicator down 0.95%


Nikkei up 3.88%

Hang Seng down 0.67%

Shanghai Composite down 0.61%

FTSE-100 down 1.09%

DAX-30 down 1.89%


(-) Large cap tech: unchanged to lower

(-) Chip stocks: unchanged to lower

(-) Software stocks: unchanged to lower

(-) Hardware stocks: lower

(-) Internet stocks: lower

(+/-) Oil stocks: mixed

(-) Biotech stocks: unchanged to lower

(+/-) Drug stocks: mixed

(-) Financial stocks: lower

(-) Retail stocks: lower

(+/-) Industrial stocks: mixed

(-) Airlines: lower

(-) Autos: unchanged to lower


(+) DCAR (+11.9%) Completes $3.5 million sale of WPCS International Suisun City unit


(-) AAPL (-1.2%) Apple contract manufacturer FoxConn to build top-end iPhones in India beginning next year, report says

(-) BA (-1.3%) Provides first look at SB>1 Defiant helicopter co-developed with Lockheed Martin

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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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