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Futures Decline Pre-Bell as Traders Await Key Economic Data; Asia, Europe Down
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Futures Decline Pre-Bell as Traders Await Key Economic Data; Asia, Europe Down
Jun 27, 2024 4:43 AM

07:17 AM EDT, 06/27/2024 (MT Newswires) -- The benchmark US stock measures were tracking in the red before the opening bell Thursday as investors await several key economic reports, including the third and final estimate of first-quarter gross domestic product at 8:30 am ET.

Standard & Poor's 500 futures, the Dow Jones Industrial Average and the Nasdaq were all down 0.1% each in the premarket. Asian exchanges were pointing lower, while the majority of European bourses were trending downwards.

On the economic calendar, in addition to first-quarter GDP, the durable goods orders report and the international trade in goods, retail inventories and wholesale inventories report, both for May, post at 8:30 am, along with the weekly jobless claims bulletin and the revised first-quarter corporate profits report.

The National Association of Realtors pending home sales index for last month is out at 10 am, followed by the weekly EIA domestic natural-gas supplies report at 10:30 am. The Kansas City Fed Manufacturing Index for June is slated for an 11 am release.

Shares of Micron Technology ( MU ) fell 5.1% pre-bell after the memory and storage product maker's outlook disappointed investors. Levi Strauss (LEVI) tumbled 15% as the jeans maker tweaked its fiscal 2024 revenue growth expectations. Moderna's ( MRNA ) stock edged down 0.8% after closing Wednesday's trading session with an 11% drop, on the back of the drugmaker's announcement that its mRESVIA respiratory syncytial virus, or RSV, vaccine demonstrated about a 50% efficacy after 18 months based on data from a pivotal clinical trial.

McCormick ( MKC ) , Walgreens Boots Alliance ( WBA ) , Acuity Brands ( AYI ) , Simply Good Foods ( SMPL ) , Apogee Enterprises ( APOG ) and Lindsay (LNN) report their latest financial results before the bell, among others. Athletic footwear and apparel giant Nike ( NKE ) releases earnings in the afterhours.

Before the open, bitcoin rose 0.3% to $61,051, West Texas Intermediate crude inched 0.4% higher to $81.25 a barrel, yields on 10-year Treasuries ticked up 1.1 basis points to 4.327% and gold increased 0.5% to $2,324 an ounce.

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