Forexpros – U.S. stock futures were lower on Thursday, as sustained concerns over the euro zone debt crisis and global economic growth continued to dominated market sentiment in light pre-Easter trade.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a fall of 0.38%, S&P 500 futures signaled a 0.47% loss, while the Nasdaq 100 futures indicated a 0.26% decline.
Stocks came under pressure on Wednesday as the cost of insuring Spain’s debt against default climbed after a disappointing government bond auction added to concerns that Spain may be the next euro zone member to require a bailout.
Meanwhile, European Central Bank President Mario Draghi warned that “downside risks to the economic outlook prevail” after the central bank kept its benchmark interest rate unchanged at a record low of 1%.
Earlier Thursday, official data showed that German industrial production dropped 1.3% in February, more than expectations for a 0.5% drop and renewing concerns over the outlook for the bloc’s largest economy.
Financial stocks were expected to be active following a broad decline posted by European lenders and after JP Morgan Chief Executive Jamie Dimon said on Wednesday that the company is inclined to restrict its stock buybacks when its shares are trading above USD45.
JP Morgan saw shares fall 0.14% after the closing bell on Wednesday, while Bank of America declined 0.65% in pre-market trade.
Elsewhere, the auto sector was also slated to be in focus as Ford Motor Co shares slipped 0.20% in after hour trade although it raised its forecast for total 2012 U.S. auto sales.
Struggling with fuel costs, Delta Airlines was also down 0.10% as the company is considering a bid for ConocoPhillips’ idled 185,000 barrel per day refinery in Trainer, Pennsylvania.
In the tech sector, Apple shares slipped 0.21% after the company said it is reluctant to agree to terms sought by U.S. and European antitrust authorities investigating possible electronic-book price-fixing, according to the Wall Street Journal.
Meanwhile, Quest Software Inc’s new chief executive rushed to sell the company to head off a possible investigation by regulators, according to a shareholder lawsuit that shines a light on the technology company’s accounting.
Other stocks in focus included Constellation Brands, the world’s largest branded wine maker, due to report fourth-quarter results later in the day.
Also in earnings, Bed Bath & Beyond saw shares surge 5.47% in after hour trade as the retain-chain operator posted a better-than-expected fourth-quarter profit.
Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 tumbled 1.14%, France’s CAC 40 dropped 0.68%, Germany’s DAX plummeted 1.17%, while Britain’s FTSE 100 declined 0.55%.
During the Asian trading session, Hong Kong’s Hang Seng Index slumped 0.7%, while Japan’s Nikkei 225 Index fell 0.6%.
Later in the day, the U.S. was to publish government data on unemployment claims.
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