After moving notably lower over the past few sessions, stocks could see some further downside in early trading on Thursday. The major index futures are currently pointing to a modestly lower open for the markets, with the Dow futures down by 25 points.
Lingering concerns about the outlook for the Federal Reserve's stimulus program may continue to weigh on the markets as traders digest the latest batch of economic data.
The Commerce Department recently released a report showing that retail sales rose by slightly more than expected in the month of May, with auto sales showing a notable increase.
The report said retail sales increased by 0.6 percent in May after edging up by 0.1 percent in April. The sales growth came in just above economist estimates for a 0.5 percent increase.
Excluding a 1.8 percent jump in sales by motor vehicle and parts dealers, retail sales increased by a more modest 0.3 percent in May compared to expectations for 0.4 percent growth.
Meanwhile, the Labor Department released a report showing an unexpected decrease in first-time claims for unemployment benefits in the week ended June 8th.
The Labor Department said initial jobless claims fell to 334,000, a decrease of 12,000 from the previous week's unrevised figure of 346,000. The modest decrease came as a surprise to economists, who had been expecting initial jobless claims to edge up to 350,000.
While the data generally offers upbeat signs for the economic outlook, the reports may add to concerns that the Fed will scale back its asset purchase program in the near future.
Recent comments from Fed officials have suggested that signs of sustained economic improvement may lead the central bank to taper the program within the next few meetings.
Stocks showed a notable downturn over the course of the trading day on Wednesday after failing to sustain an initial upward move. With the pullback on the day, the Dow dipped back below the psychologically-important 15,000 level.
The major averages moved roughly sideways going into the close, lingering near their worst levels of the day. The Dow dropped 126.79 points or 0.8 percent to 14,995.23, the Nasdaq tumbled 36.52 points or 1.1 percent to 3,400.43 and the S&P 500 fell 13.61 points or 0.8 percent to 1,612.52.
In overseas trading, stock markets across the Asia-Pacific region saw substantial weakness during trading on Thursday. Japan's Nikkei 225 Index plummeted by 6.4 percent, while Hong Kong's Hang Seng Index tumbled by 2.2 percent.
The major European markets have also moved to the downside on the day. While the German DAX Index has fallen by 1.3 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index are down by 0.7 percent and 0.6 percent, respectively.
In commodities trading, crude oil futures are slipping $0.36 to $95.52 a barrel after rising $0.50 to $95.88 a barrel on Wednesday. Gold futures, which rose $15 to $1,392 an ounce in the previous session, are sliding $10 to $1,382 an ounce.
Among currencies, the U.S. dollar is trading at 94.29 yen compared to the 96.02 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.3318 compared to yesterday's $1.3337.
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