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Bumble slides after slashing FY revenue growth forecast
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Robinhood rises after Q2 earnings beat
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Weekly jobless claims data due at 8:30 a.m. ET
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Futures: S&P 500 down 0.2%, Nasdaq up 0.06%, Dow down 0.2%
(Updated at 6:45 a.m. ET/ 1045 GMT)
By Shubham Batra and Shashwat Chauhan
Aug 8 (Reuters) - U.S. stock index futures were mixed on
Thursday as investors turned cautious ahead of a jobs report
after last week's weaker-than-expected economic data that had
sparked fears of a recession.
Most megacap and growth stocks were volatile in premarket
trading. The Nasdaq closed 1% lower in the previous
session, as tech stocks lost steam after a brief rebound
following a global stocks rout, and weak demand in a 10-year
Treasury auction.
Global markets are experiencing heightened volatility this
week after dour economic reports coupled with unwinding of
currency carry trade positions pushed the Japanese yen higher
after the Bank of Japan raised interest rates on July 31.
The market situation has turned the focus on U.S. weekly
jobless claims data, due at 8:30 a.m. ET, which is expected to
show a marginal dip in the number of Americans claiming State
unemployment benefits in the week ended Aug. 3.
"U.S. weekly jobless claims will be very sensitive given the
positions that have stacked up looking for the Fed to cut rates
relatively aggressively by year end," said Marc Ostwald, chief
economist & global strategist at ADM Investor Services.
J.P.Morgan has raised the odds of a U.S. recession by the
end of this year to 35% from 25%, citing easing labor market
pressures.
Money markets currently see a 71.5% chance of a
50-basis-points rate cut by the Federal Reserve in September,
with the possibility of two more cuts by the end of 2024,
according to CME's FedWatch Tool.
Comments from Richmond Fed President Thomas Barkin, who will
be speaking at 3 p.m. ET, will also be closely monitored for any
clues on the U.S. central bank's next move.
At 06:45 a.m. ET, Dow E-minis were down 90 points,
or 0.23%, S&P 500 E-minis were down 9.25 points, or
0.18% and Nasdaq 100 E-minis were up 11.5 points, or
0.06%.
The CBOE Market Volatility Index, also known as Wall
Street's "fear gauge", ticked up to 28.51 points, up from
Wednesday's low of 21.97.
On the earnings front, Bumble slashed its annual
revenue growth forecast, stoking worries about the dating app
operator's growth plans, sending its shares down 39.7% in
premarket trading. Rival Match Group ( MTCH ) also fell 2.6%.
Warner Bros Discovery ( WBD ) dropped 12.3% after it wrote
down the value of its TV assets due to the uncertainty of fees
from cable and satellite distributors and sports rights
renewals.
Monster Beverage ( MNST ) lost 8.3% after the energy drinks
maker missed market expectations for second-quarter sales as
budget-conscious consumers kept a tight lid on spending.
Robinhood added 1.5% after the retail trading app
beat Wall Street expectations for second-quarter earnings, as
interest in meme stocks and cryptocurrencies soared, and said it
continued to gain retail trading market share from rivals.
Eli Lilly ( LLY ) jumped 7% after the drugmaker raised its
annual profit forecast, and sales of its popular weight-loss
drug Zepbound crossed $1 billion for the first time in a
quarter.