US stocks are set to end the week lower. Nasdaq 100 futures were 76 points lower, while S&P 500 index fell more than 20 points. Futures contracts tied to the Dow Jones Industrial Average slipped more than 200 points.
US Market Concerns
Data published by the US Department of Labor earlier on Thursday indicated an improvement in the labor market. The seasonally adjusted initial claims for the week ending August 14 came in lower at 348,000. The jobless claims decreased 29,000 from the previous week, recording the lowest level for the claims since March 14, 2020.
The initial claims followed the release of the Fed’s policy meeting minutes. In their latest policy meeting in July, the Federal Reserve stated that they were willing to taper its asset purchases by the end of the year. However, the Federal Open Market Committee (FOMC) insisted that the reduction of the pace of bond purchases was not an indicator for an imminent rate hike.
US Treasury yields were in the red earlier on Friday despite Fed’s plans to taper bond purchases. The yield on the benchmark 10-year Treasury note fell to 1.24%. The yield on the 30-year Treasury bond slipped to 1.87%.
Oil prices have been consolidating below the $70 level amid Delta concerns. The surging cases of the Delta variant have dampened the outlook for oil demand. US West Texas Intermediate (WTI) crude futures slipped to $63.41 per barrel. Brent crude futures were trading lower at $66.22 per barrel.
Nasdaq 100 Movers
Fiserv Inc was the best performer in the Nasdaq 100 premarket trade. Activist investor ValueAct Capital Management announced on Thursday that it owned 6.2 million shares of Fiserv Inc. The investment firm has built a new $1.2 billion position in Fiserv in hopes that the Clover business will make huge profits by 2024.
Tesla In was also among the top performers. Elon Musk, the CEO of the electric car company, announced on Thursday that Tesla is likely to launch a humanoid robot prototype next year to do the boring work.
Ross Stores Inc fell 3.24% in premarket trade after the release of its Q2 earnings report. The discount store company reported a 22% increase in its earnings to $1.39 per share. Its net income for the second quarter rose to $494 million.
NetEase was also among the laggards in the Nasdaq 100 index. The Chinese internet technology company fell more than 3%. The company provides online services on content, community, community, and commerce.