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Aggressive stimulus measures have helped Wall Street's main
indexes bounce from a coronavirus-driven crash in March, and the
S&P 500 <.SPX> briefly traded above its Feb. 19 record close for
a second straight day on Thursday. Still, the benchmark index
has struggled to top its all-time high of 3,393.52, also set on
Feb. 19, on growing evidence of a faltering labor market
rebound. Data at 8:30 a.m. ET (1230 GMT) is expected to show
retail sales increased 1.9% last month after jumping 7.5% in
June.
Figures earlier in the day showed a slower-than-expected rise in
Chinese industrial production and a surprise fall in retail
sales.
Negotiations between top Democrats and the White House over more
stimulus measures to support the economy, particularly the
battered jobs sector, have been a major point of focus.
Uncertainty over the timing of an agreement has undercut
sentiment in recent sessions.
At 6:08 a.m. ET, Dow e-minis <1YMcv1> were down 148 points, or
0.53%. S&P 500 e-minis <EScv1> were down 12.75 points, or 0.38%
and Nasdaq 100 e-minis <NQcv1> were down 23.25 points, or 0.21%.
Applied Materials Inc <AMAT.O> rose 3.0% premarket as it
forecast fourth-quarter revenue above analysts' estimates
following a rebound in demand for chip equipment and services.
Chinese search engine giant Baidu Inc <BIDU.O> posted quarterly
revenue a notch above estimates, but its shares slid 6% after
its streaming service iQIYI <IQ.O> said it was being probed by
the U.S. Securities and Exchange Commission.
iQIYI shares dropped 11.4%.
(Reporting by Ambar Warrick and Medha Singh in Bengaluru;
Editing by Arun Koyyur)
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