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Data on weekly jobless claims, durable goods and a second
estimate of third-quarter GDP are due at 8:30 am ET (1330 GMT).
Personal consumption data for October, a key metric watched by
the Federal Reserve to gauge consumer spending strength, is due
at 10:00 a.m. ET (1500 GMT).
Among single stocks, Nordstrom Inc plunged 27.2% in premarket
trading after the retailer said labor costs pinched its
quarterly profit and warned of product shortages at its
off-price stores heading into the holiday season.
Gap Inc slumped 19.7% as it lowered its full-year forecast, with
the apparel retailer expecting an up to $650 million hit to
revenue amid supply chain disruptions.
The two companies set a grim tone for the sector ahead of the
Thanksgiving weekend, which kicks off the U.S. holiday season.
Most major Wall Street lenders also slipped after rallying this
week on hopes of higher interest rates. Bank of America and
JPMorgan & Chase led early losses with declines of about half a
percent each.
The S&P 500 banks index surged 4.1% this week, tracking a jump
in Treasury yields as Jerome Powell's nomination for a second
term as Federal Reserve Chair boosted expectations of early
monetary policy tightening. [US/]
Rising interest rates saw investors pull out of technology
stocks, as they discount future earnings from the sector. The
Nasdaq index has slipped 1.8% so far this week.
Tech majors including Apple Inc and Microsoft Corp slipped about
0.5% each.
Focus is also on minutes of the Fed's Nov. 2-3 meeting, due
later in the day, for clues on the pace at which the central
bank intends to taper COVID-era stimulus measures. Fed officials
had agreed at the meeting to begin scaling back monthly asset
purchases.
Low trading volumes this week ahead of the Thanksgiving holiday
on Thursday and a shortened session on Friday have also kept
volatility high. The S&P 500 had settled a touch higher on
Tuesday after logging large swings through the day.
At 6:31 a.m. ET, Dow e-minis were down 123 points, or 0.34%. S&P
500 e-minis were down 13 points, or 0.28% and Nasdaq 100 e-minis
were down 47.75 points, or 0.29%.
Among other premarket movers, Tesla Inc fell 1.0% after top boss
Elon Musk sold another 934,091 shares of the electric vehicle
maker worth $1.05 billion after exercising options to buy 2.15
million shares.
Shares of PC makers HP Inc and Dell Technologies jumped 6.4% and
2.1%, respectively, after they logged a more than four-fold rise
in quarterly profits amid increasing demand for personal
computers.
(Reporting by Ambar Warrick in Bengaluru; Editing by Maju
Samuel)
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