Stocks are likely to give back some ground in early trading on Thursday after moving mostly higher over the two previous sessions. The major index futures are currently pointing to a notably lower open for the markets, with the Dow futures down by 76 points.
The downward momentum for the markets comes amid continued concerns about the European debt crisis as European leaders prepare to convene a two-day summit in Brussels.
Most traders are not optimistic about the summit resulting in any meaningful developments, as German Chancellor Angela Merkel has already ruled out the idea of common eurozone bonds.
Traders are also likely to keep a close eye on the U.S. Supreme Court, which is due to announce its decision regarding the constitutionality of the healthcare reform law.
The court's decision could have a significant impact on the presidential race, as the law is seen as one of President Obama's main domestic accomplishments.
Meanwhile, traders have largely shrugged off the Labor Department's report on initial jobless claims in the week ended June 23rd.
The report showed that jobless claims dipped to 386,000 from the previous week's revised figure of 392,000. Economists had expected jobless claims to edge down to 385,000 from the 387,000 originally reported for the previous week.
by RTT Staff Writer
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