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Futures: S&P 500 down 0.1%, Nasdaq up 0.06%, Dow down
0.15%
Aug 8 (Reuters) - U.S. stock index futures were mixed on
Thursday, as investors turned cautious ahead of another jobs
report that will be closely monitored for more hints on the
health of the American economy after weak economic data last
week.
Megacap and growth stocks swung between gains and losses in
premarket trading and extended some pressure from the previous
session, partly after Treasury yields rose on soft demand for a
$42 billion sale of 10-year notes.
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.
This has increased the significance of weekly jobless claims
data, due at 8:30 a.m. ET, which is expected to show a marginal
dip 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 Fed in September, with
possibility of two more cuts by the end of 2024, according to
CME's FedWatch Tool.
Comments from Richmod Fed President Thomas Barkin, who will
be speaking at 3 p.m. ET, will also be eyed for any clues on the
U.S. central bank's next move.
At 4:52 a.m. ET, U.S. S&P 500 E-minis were down 5.25
points or 0.1%, Nasdaq 100 E-minis were up 10.75 points
or 0.06%, and Dow E-minis were down 60 points or 0.15%.
On the earnings front, Bumble slashed its annual
revenue growth forecast on Wednesday, stoking worries about the
dating app operator's growth plans among investors, sending its
shares down 35% in premarket trading.
Warner Bros Discovery ( WBD ) shares dropped 11.8% 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.
(Reporting by Shubham Batra in Bengaluru; Editing by Varun H K)