U.S. Stocks May See Further Downside In Early Trading

(RTTNews) - Following the downturn seen over the course of the previous session, stocks may see continued weakness in early trading on Thursday. The major index futures are currently pointing to a lower open for the markets, with the S&P 500 futures down by 0.3 percent.

Lingering uncertainty about trade may weigh on Wall Street amid a lack of details about the U.S.-China trade deal announced on Wednesday.

President Donald Trump told reporters he would send letters to other U.S. trade partners in about two weeks outlining new tariff rates.

Trump also indicated he would be willing to extend the 90-day pause on tariffs set for early next month but said he doesn't think it will be necessary.

Selling pressure may also be generated amid geopolitical concerns due to rising tensions between the U.S. and Iran.

A senior Iranian security official said the Islamic Republic is at its "highest level of military readiness" and warned any act of aggression by the United States or Israel would be met with a swift and unexpected response.

Trump said on Wednesday U.S. personnel were being moved out of the Middle East due to heightened security risks in the region.

After moving to the upside early in the session, stocks gave back ground over the course of the trading day on Wednesday. The major averages pulled back well off their early highs and the session in negative territory.

The tech-heavy Nasdaq fell 99.11 points or 0.5 percent to 19,615.88, the S&P 500 dipped 16.57 points or 0.3 percent to 6,022.24 and the Dow edged down 1.10 points or less than a tenth of a percent to 42,865.77.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Thursday. Japan's Nikkei 225 Index slid by 0.7 percent, while South Korea's Kospi climbed by 0.5 percent.

The major European markets have also turned mixed on the day. While the U.K.'s FTSE 100 Index is up by 0.2 percent, the French CAC 40 Index is down by 0.4 percent and the German DAX Index is down by 0.8 percent.

In commodities trading, crude oil futures are tumbling $1.10 to $67.05 a barrel after soaring $3.17 to $68.15 a barrel on Wednesday. Meanwhile, after inching up $0.30 to $3,343.70 an ounce in the previous session, gold futures are surging $65 to $3,408.70 an ounce.

On the currency front, the U.S. dollar is trading at 143.35 yen versus the 144.56 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1614 compared to yesterday's $1.1487.