Pre-open movers

U.S. stock futures traded higher in early pre-market trade on Thursday after recording sharp losses on Wednesday. The Dow Jones closed lower by more than 500 points, while the Nasdaq Composite fell over 200 points in the previous session after the US Fed raised its policy rate by 75 basis points for the third time and indicated that it will continue to hike well above the current level.

Data on initial jobless claims and current account will be released at 8:30 a.m. ET. Jobless claims are expected to come in at 220,000 for the September 17 week compared to 213,000 in the previous week, while analysts expect a deficit of $259.5 billion for the second quarter. The index of leading economic indicators for August will be released at 10:00 a.m. ET, while the Kansas City Fed manufacturing index for September will be released at 11:00 a.m. ET.

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Futures for the Dow Jones Industrial Average gained 75 points to 30,357.00 while the Standard & Poor’s 500 index futures rose 6.75 points to 3,813.00. Futures for the Nasdaq index rose 14.25 points to 11,724.25.

Commodities

Oil prices traded higher as Brent crude futures rose 0.9% to trade at $90.62 per barrel, while US WTI crude futures rose 1% to trade at $83.74 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is scheduled for release at 10:30 a.m. ET.

Gold futures gained 0.2% to trade at $1,679.00 an ounce, while silver traded up 0.9% at $19.645 an ounce on Thursday.

A Peek Into Global Markets

Europe Markets

European markets were lower today. The STOXX Europe 600 Index fell 0.7%, London’s FTSE 100 fell 0.2% while Spain’s IBEX 35 Index fell 0.2%. The French CAC 40 Index fell 0.6%, while German DAX dropped 0.5%.

The manufacturing climate indicator in France declined for a third month to a reading of 102 in September from a revised 103 in August.

Asia-Pacific Markets

Asian markets traded lower today. Japan’s Nikkei 225 fell 0.58%, Hong Kong’s Hang Seng Index fell 1.61% and China’s Shanghai Composite Index slipped 0.27%. India’s S&P BSE SENSEX fell 0.4%.

Broker Recommendation

JP Morgan downgraded Novavax, Inc. (NASDAQ:NVAX) from Neutral to Underweight and lowered the price target from $132 to $27.

Novavax shares fell 4.5% to $24.70 in pre-market trading.

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