U.S. stock futures edge widely lower ahead of fresh economic data

By Scott Kanowsky 

Investing.com -- U.S. stock futures pointed broadly lower on Thursday, but held relatively near the flatline, ahead of a slate of fresh data that could provide more clues about the state of the world's largest economy.

At 07:25 ET (12:25 GMT), the Dow futures contract dipped by 21 points or 0.06%, S&P 500 futures traded 6 points or 0.16% lower, and tech-focused Nasdaq 100 futures moved down by 28 points or 0.22%.

All the major indexes finished Wednesday in the green, erasing losses earlier in the session, as investors digested higher-than-expected retail sales figures for January which suggested that the Federal Reserve may continue hiking interest rates.

The blue-chip Dow Jones Industrial Average closed up by 38 points or 0.11%, the broad-based S&P 500 rose by 11 points of 0.28%, and the Nasdaq Composite gained 110 points or 0.92%.

Investors will have a chance to gauge further economic numbers out of the U.S. today, including the January producer price index, which is widely seen as a barometer of the current supply chain environment, as well as weekly jobless claims and new residential construction figures.

In the corporate sector, Bloomin Brands Inc (NASDAQ:BLMN) and Hyatt Hotels Corporation (NYSE:H) are among the highlights on the day's earnings calendar, along with DraftKings Inc (NASDAQ:DKNG) after the bell.

Elsewhere, Bitcoin touched its highest mark in half a year, with the biggest cryptocurrency exchanging hands near $25,000. The move comes after a series of regulatory announcements regarding the crypto industry, along with a move by coin exchange Binance to settle a probe by U.S. officials.

Oil prices gained as optimism over a recovery in Chinese demand overshadowed a surge in the U.S. crude inventories.

U.S. crude oil stocks soared last week by just over 16 million barrels, according to data from the Energy Information Administration, released on Wednesday. Although this resulted in the stocks climbing to the highest level since June 2021, the EIA added that the hefty build was largely due to a data adjustment, which has diluted its impact.

Additionally, data released Thursday showed that China's January air passenger traffic rose 34.8% from a year earlier, suggesting that demand from the world’s largest importer of crude will bounce back relatively quickly after its decision to abandon its strict zero-COVID policy.

By 07:25 ET, U.S. U.S. crude futures rose 0.31% to $78.83 a barrel, while the Brent contract climbed 0.23% to $85.58.

Additionally, gold futures traded 0.11% higher at $1,847.40/oz, while EUR/USD was 0.12% higher at 1.0702.