Stock futures slide ahead of jobless claims report

Investment expert on omicron’s effect on the market

Adviser Investments CIO Jim Lowell discusses the impact the omicron variant has on the stock market and how inflation and the supply chain crisis is affecting the economy.

U.S. equity futures are trading lower on Thursday morning.

The major futures indexes suggest a decline of 0.2% when trading begins on Wall Street.

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Traders will have a labor-related report to study.

The Labor Department is out with its tally of new claims for unemployment benefits for last week. Expectations are for 215,000, down 7,000 from the previous week’s total of 222,000. Continuing claims, which track the total number of unemployed workers collecting benefits, are anticipated to slip by 56,000 to 1.9 million, the third consecutive pandemic low.

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Investors are also waiting for U.S. inflation data that might influence the Federal Reserve's decision on when to roll back economic stimulus. That report on consumer prices comes on Friday.

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Fed officials meet next week for the last time in 2021. They said earlier they were ready to act if needed after inflation hit a 30-year high of 6.2% in October.

Companies reporting earnings include, Lululemon, Broadcom and Oracle.

In Europe, London's FTSE added 0.2%, Germany's DAX gained 0.1% and France's CAC rose 0.2%.

In Asia, the Nikkei 225 in Tokyo lost 0.5%, the Hang Seng in Hong Kong advanced 1.1% and China's Shanghai Composite Index rose 1% after Chinese producer price inflation eased to 12.9% over a year earlier from October's 13.5% as prices of coal and metals fell.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES35754.75+35.32+0.10%
SP500S&P 5004701.21+14.46+0.31%
I:COMPNASDAQ COMPOSITE INDEX15786.987996+100.07+0.64%

Wall Street rose for a third day Wednesday as anxiety about the coronavirus's omicron variant eased.

The benchmark S&P 500 index rose 0.3% to 4,701.21. The Dow Jones Industrial Average added 0.1% to 35,754.75. The Nasdaq composite rose 0.6% to 15,786.99.

Airlines and cruise lines gained in a sign investors believe travel restrictions are less likely.

Norwegian Cruise Line jumped 8.2% for the biggest gain in the S&P 500. United Airlines rose 4.2%.

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Apple rose 2.3% while other big tech companies fell. Chipmaker Nvidia dropped 1.9% and rival Intel closed 1.6% lower.

Shares in Roku Inc. jumped as high as 20% after the streaming-device maker signed a multiyear agreement with Alphabet Inc. that restores the YouTube TV app to its service.

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In energy markets, benchmark U.S. crude slipped 24 cents to $72.14 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 31 cents on Wednesday to $72.36. Brent crude, the price basis for international oils, gave up 31 cents to $75.51 per barrel in London. It rose 38 cents to $75.82 the previous session.

The Associated Press contributed to this report.

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