MARKET SNAPSHOT: Nasdaq's Record Run On The Line, As Snap Tumbles After Results

By Barbara Kollmeyer, MarketWatch Features Dow Jones Newswires

Kohl's earnings ahead

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The Nasdaq Composite faces a struggle to log another record session Thursday, with U.S. stocks poised for a modestly lower start ahead of retailers' earnings reports.

Reaction to disappointing results from Snapchat parent Snap Inc. may also be a focus in the trading day.

Nasdaq 100 futures slipped 8.25 points to 5,667.25. Dow Jones Industrial Average futures dipped 25 points to 20,868, while S&P 500 futures eased 3.6 points to 2,391.75.

On Wednesday, the tech-heavy Nasdaq closed at a record for a fourth session in a row (, rising 0.1% to 6,129.14. The S&P 500 scraped out a 0.1% gain, but the DJIA finished 0.2% lower.

Higher oil prices were failing to support stock futures Thursday. U.S. crude prices added to Wednesday's gains ( with a 1.6% rise to $48.09 a barrel, on the heels of data showing the biggest weekly drawdown for inventory since December

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Calling the Fed's bluff: The prior session's moves came after the shock firing of FBI Director James Comey, but the stock market's reaction to this was fairly sanguine (, despite questions over whether it would crimp U.S. President Donald Trump's ability to push through market-friendly policies.

Joel Kruger, currency strategist at LMAX Exchange, said that while politics could factor into stock gains, Federal Reserve policy will likely dictate the direction for equities.

"Conversations about a stock market top are certainly not without merit. But it has also been abundantly clear stocks will only be at risk when the market truly believes the Fed isn't going to fold its hand when it comes to forward guidance," Kruger wrote in emailed comments.

"We may be getting close to that point, but until then, investors will keep pushing their bets and calling the Fed's bluff," he said.

For the week so far, the Nasdaq is showing a 0.5% gain, while the Dow industrials are off 0.3% and the S&P 500 is flat.

Early Thursday, New York Fed President William Dudley said trade protectionism is a "dead end" that will eventually harm the U.S. economy, Reuters reported ( The comments, in a speech on the benefits and challenges of globalization in Mumbai, India, are seen as implied criticism of President Donald Trump's policies, even though Dudley did not mention the U.S. leader by name.

As for economic data, weekly jobless claims and April producer prices will be released at 8:30 a.m. Eastern Time.

Stock movers: Retailers will be in focus with Kohl's Corp.(KSS) and Macy's Inc.(M) due to report ahead of the open, and Nordstrom Inc.(JWN) after the bell.

Snapchat parent Snap (SNAP) tumbled 22% in premarket trading after the messaging app reported a $2.2 billion loss ( in its first set of earnings since going public.

Read: Snap's CEO is the key to that huge loss (

Whole Foods Market Inc.(WFM) was up 4% in premarket trade after the grocery-store chain announced a new stock buyback plan () and released earnings that met forecasts.

U.S.-listed shares of BT Group(BT.A.LN) could fall after the U.K. telecoms group said it will cut 4,000 jobs and not pay its chief executive a bonus after reporting a profit fall ( Shares dipped nearly 1% in London (BT.A.LN) .

Other markets: Asian markets finished higher (, with China squeezing out a gain of 0.1% as investors fretted over liquidity worries. European stocks were trading mostly flat to lower ( The FTSE 100 was holding steady ( ahead of the Bank of England's update on inflation and interest rates.

Read:Italian banks a bright spot as European stocks fall back (

Gold prices traded modestly higher. The dollar was mostly lower, except against the pound , which fell after disappointing U.K. industrial and trade data (

The price of a single bitcoin reached a new milestone on Thursday, shooting past the $1,800 level for the first time. Bitcoin prices were up last up 4.9% to $1,827.55. Earlier in the week, bitcoin shot past $1,700 for the first time.

(END) Dow Jones Newswires

May 11, 2017 07:30 ET (11:30 GMT)