U.S. equity futures are trading lower as the stock plunge from Wednesday continues.
The major futures indexes suggest a decline of 0.6% when Wall Street's Thursday session begins.
On Wednesday, Wall Street's benchmark S&P 500 index recorded its biggest one-day drop in three months. That came after consumer prices rose in April at their fastest year-on-year pace in 13 years.
|I:DJI||DOW JONES AVERAGES||31500.68||+823.32||+2.68%|
|I:COMP||NASDAQ COMPOSITE INDEX||11607.620416||+375.43||+3.34%|
The S&P 500 lost 2.1% to 4,063.04. The Dow Jones Industrial Average lost 2% to 33,587.66 in its biggest decline since January. The Nasdaq gave up 2.7% in its largest pullback since March.
Apple, Microsoft and Amazon all fell more than 2%. Tesla fell 4.4%, bringing its pullback this month to nearly 17%.
Thursday morning, the Labor Department will report its count of new claims for unemployment benefits for last week. Expectations are for 490,000, down slightly from a pandemic low of 498,000 the prior week.
At the same time the Bureau of Labor Statistics will report wholesale inflation data for April. Headline producer prices are expected to increase 0.3% month-over-month according to Refinitiv forecasts.
Year-over-year, prices paid by wholesalers are anticipated to jump 5.9%, a hefty 1.7 percentage points above March’s gain and a new series high.
Factoring out volatile food and energy costs, core producer prices likely popped 0.4% in April and jumped 3.7% from a year ago.
Media and entertainment giant Walt Disney is out with quarterly results Thursday afternoon; it’s the only Dow member to report this week.
In Europe, London's FTSE dropped 2.1%, Germany's DAX fell 1.4% and France's CAC declined 1.2%.
In Asia, the Nikkei 225 in Tokyo tumbled 2.5%, the Hang Seng in Hong Kong lost 1.8% and China's Shanghai Composite Index fell 0.9%.
The Colonial Pipeline has returned to operations following a cyberattack that snarled gas supply for the eastern U.S. for days.
Benchmark U.S. crude fell $1.86 to $64.22 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 80 cents on Wednesday to $66.08. Brent crude, used to price international oils, sank $1.84 to $67.48 per barrel in London. It rose 77 cents the previous session to $69.32 a barrel.
The Associated Press contributed to this report.