Thursday May 11th

11-05-2017

Futures point to lower open on Wall Street; Snap earnings disappoint

U.S. stock index futures pointed to a lower open on Thursday after the Nasdaq notched a record close and a five-day winning streak. But tech stocks could come under pressure after Snap posted revenue that missed estimates and slower-than-expected revenue growth. The stock slumped more than 20 percent in after-hours trading. Reaction to President Donald Trump's firing of FBI Director James Comey was largely muted as many investors still believe the market will get tax reform at some point. On the earnings front, Nordstrom, CyberArk Software and Invitation Homes are due to report after the bell. On the data front, the producer price index rose 0.5 percent in April, more than the expected increase of 0.2 percent. Initial jobless claims, meanwhile, totaled 236,000, below the expected 245,000. In oil markets, Brent crude traded at around $50.67 a barrel on Thursday, up 0.9 percent, while U.S. crude was around $47.77 a barrel, up 0.93 percent. In Europe, the pan-European Stoxx 600 Index was around 0.48 percent lower on Thursday. The Shanghai Composite closed up 0.29 percent in China and the Nikkei 225 in Japan rose 0.31 percent. Gold rose from eight-week lows on Thursday as U.S. bond yields and the dollar retreated from recent highs after President Donald Trump dismissed FBI Director James Comey, but forecasts of a U.S. interest rate rise in June limited the metal's gains. Spot gold rose 0.33 percent to $1,222.62 per ounce following eight sessions in which prices have been flat or fallen. On Tuesday it touched an eight-week low of $1,213.81. U.S. gold futures also gained 0.32 percent, to $1,222.80 an ounce.