US pre-open: Wall Street set for cautious open ahead of key economic releases

(Sharecast News) - Wall Street futures were pointing to a mixed open ahead of the bell on Thursday, ahead of weekly jobless claims numbers from the Labor Department. As of 1230 BST, Dow Jones futures were up 0.05%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.13% and 0.21% firmer, respectively.

The Dow closed 171.50 points lower on Wednesday as indices continued to retreat from recent records amid mounting concerns about a potential government shutdown and elevated valuations.

Market participants were looking ahead to today's weekly jobless claims data from the Labour Department, due out at 1330 BST, with the figures expected to offer fresh insight into the health of the US labour market amid rising concerns over layoffs and slowing hiring momentum. Initial claims eased last week following a brief spike the week prior, but traders remained cautious ahead of the latest print, which could influence the Federal Reserve's next move on interest rates.

Federal Reserve chairman Jerome Powell said earlier in the week that signs of labour market weakness were now outweighing concerns about persistent inflation, contributing to the Federal Open Market Committee's recent decision to cut rates for the first time this year.

Today's jobless claims release also comes ahead of Friday's PCE inflation data, the central bank's preferred price gauge, which could further shape expectations for the November policy meeting. Traders also continued to monitor political developments in Washington, with the threat of a government shutdown adding to the broader risk backdrop.

Elsewhere on the macro front, a preliminary reading of August's goods trade balance will be published at 1330 BST, as will August durable goods orders, while existing home sales were slated for release at 1500 BST, and the Kansas Fed's September manufacturing index will follow at 1600 BST.

In the corporate space, Intel traded higher in extended trading following reports that the chipmaker had approached Apple regarding a potential investment. According to Bloomberg, Intel has sought backing from the iPhone maker as it looks to bolster its position in the semiconductor space. However, the report did not specify the size or structure of the proposed investment, nor whether Apple had responded to the approach.

Costco will report earnings after the close of trading.

Reporting by Iain Gilbert at Sharecast.com