Futures Pointing To Lackluster Performance In Early Trading

(RTTNews) - After ending the previous session mostly higher, stocks may show a lack of direction in early trading on Thursday. The major index futures are currently pointing to a roughly flat open for the markets, with the S&P 500 futures up by less than a tenth of a percent.

A lack of major U.S. economic data may keep some traders on the sidelines, as the ongoing U.S. government shutdown continues to indefinitely delay the release of key reports.

The Labor Department was due to share its report on weekly jobless claims this morning, but the release has been delayed as the shutdown enters its ninth day.

Traders have largely shrugged off concerns about the economic impact of the shutdown but may start to pay greater attention to developments in Washington as the suspension of non-essential government services drags on.

Lawmakers in Washington continue to struggle to pass a temporary funding bill due in part to Democrats' demands that the legislation include an extension of enhanced Obamacare tax credits.

Remarks by several Federal Reserve officials may also attract attention, although Fed Chair Jerome Powell's welcoming remarks at a Community Bank Conference did not provide any insight into the outlook for interest rates.

Fed Governor Michael Barr and Fed Vice Chair for Supervision Michelle Bowman are also scheduled to deliver remarks later this afternoon.

Following the pullback seen in the previous session, stocks moved back to the upside during trading on Wednesday. The Nasdaq and the S&P 500 more than offset Tuesday's losses, reaching new record closing highs.

The tech-heavy Nasdaq led the way higher, jumping 255.02 points or 1.1 percent to 23,043.38, while the S&P 500 climbed 39.13 points or 0.6 percent to 6,753.72. The narrower Dow ended the day little changed, edging down 1.20 points or less than a tenth of a percent to 46,601.78.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Thursday. Japan's Nikkei 225 Index surged by 1.8 percent, while China's Shanghai Composite Index shot up by 1.3 percent.

Meanwhile, the major European markets are turning in a mixed performance on the day. While the U.K.'s FTSE 100 Index is down by 0.2 percent, the French CAC 40 Index and the German DAX Index are both up by 0.5 percent.

In commodities trading, crude oil futures are edging down $0.10 to $62.45 a barrel after advancing $0.82 to $62.55 a barrel on Wednesday. Meanwhile, after soaring $66.10 to $4,070.50 an ounce in the previous session, gold futures are slipping $9.50 to $4,061 an ounce.

On the currency front, the U.S. dollar is trading at 152.74 yen versus the 152.68 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1611 compared to yesterday's $1.1626.