The focus for Thursday revolves around three main economic highlights: weekly Jobless Claims, Manufacturing Activity, and Construction Spending. Earnings reports are also anticipated to draw attention.
Early indications from the U.S. Futures Index hint that Wall Street might open on the positive side. Asian markets ended largely on an upward note, whereas European shares are predominantly trading higher.
As of 7.35 am ET, the Dow futures were on the rise by 64 points, the S&P 500 futures saw an increase of 23.50 points, and the Nasdaq 100 futures fell by 112.25 points.
Looking back at Tuesday's performance, the U.S. major averages took a hit, ending the day near their worst levels. The Nasdaq saw a decline of 345.89 points or 2.2 percent to 15,164.01. The S&P 500 took a fall of 79.32 points or 1.6 percent to 4,845.65, and the Dow slid by 317.01 points or 0.8 percent to 38,150.30.
Economic updates for Thursday will include the Labor Department's Jobless Claims for the week, which will be published at 8.30 am ET. The consensus is for 214K, mirroring the previous week.
The Productivity and Costs data for the fourth quarter is set for release at the same time. The consensus is indicating a rise of 2.3 percent, down from a previous quarter increase of 5.2 percent.
Further, the PMI Manufacturing Final for January will be out at 9.45 am ET, with an expected consensus of 50.3.
The Construction Spending for December would be disclosed at 10.00 am ET, with an anticipated consensus of 0.5 percent, slightly up from November’s 0.4 percent.
Equally, the ISM Manufacturing Index for January is predicted to be 47.4, identical to December’s index, and will be released at 10.00 am ET.
At 10.30 am ET, the Energy Information Administration (EIA) will release its weekly Gas report. Last week, the gas stock saw a decline of 326 bcf.
Finally, the 8-week bill auction is scheduled at 11.30 am ET.
On the international front, Asian stocks experienced mixed outcomes on Thursday. China's Shanghai Composite index fell by 0.64 percent to 2,770.74. Helpfully, Hong Kong's Hang Seng index rose by 0.52 percent to 15,566.21.
There was a significant drop in the Japanese markets. The Nikkei average fell by 0.76 percent to 36,011.46, and the broader Topix index ended 0.67 percent lower at 2,534.04.
Australian markets also experienced considerable falls. The benchmark S&P ASX 200 fell by 1.20 percent to 7,588.20, while the broader All Ordinaries index finished at 1.19 percent lower, closing at 7,818.80.
