European markets are called to open flat this morning.
The euro and New Zealand’s dollar led gains in higher-yielding currencies and Asian stocks fell on concern central banks will raise interest rates even as the global recovery slows. Oil climbed for a third day in New York after OPEC kept output targets unchanged.
Europe’s 17-nation currency climbed 0.2 percent to $1.4616, near a one-month high, and rose 0.5 percent to 117.09 yen at 3 p.m. in Tokyo. The so-called kiwi jumped 0.4 percent. The MSCI Asia Pacific Index fell 0.6 percent. Futures on the Standard & Poor’s 500 Index gained 0.2 percent after a six-day slump. Euro Stoxx 50 Index futures slid 0.2 percent. The cost of insuring Japanese corporate bonds climbed to the highest in almost two months, traders said. Oil added 0.6 percent in New York.
Stocks fell Wednesday, with the Dow and S&P ending lower for a sixth consecutive session, as investors remain concerned about signs of an economic slowdown.
The Dow Jones industrial average fell 22 points, or nearly 0.2%, to 12,049. The S&P 500 (SPX) dipped 5 points, or 0.4% to 1,279. The Nasdaq sank 26 points, or 0.9%. to 2,675.
Shares of Alcoa fell over 2%, making it the worst performing Dow stock. But the index was supported by Verizon, which rose 1% after analysts at Oppenheimer upgraded the stock.
After the market closed, Texas Instruments lowered its outlook for second-quarter earnings and revenue. Shares of the technology company fell 4.5% in extended trading.
Oil prices jumped nearly 2% to settle near $101 a barrel after OPEC failed to reach an agreement on crude production levels.
The spike in crude prices lifted shares of energy producers Cabot Oil and Gas, Apache Corp. and Occidental Petroleum, among others.
Exxon Mobil rose nearly 1%, after the company announced three new oil and gas discoveries in the Gulf of Mexico that could produce 700 million barrels of product.
Events this week
Thursday: The Labor Department will release its weekly initial jobless claims report at 8:30 a.m. ET, which investors said will likely be the closest-watched piece of economic data this week. Economists are looking for jobless claims to rise slightly to 423,000.
Also out on Thursday is the U.S. April trade balance figures, which are expected to show a $48.7 billion trade deficit, and April wholesale inventory figures. Economists expect wholesale inventories rose 0.9%, according to Briefing.com
Friday: Investors will get May’ import and export prices from the Commerce Department at 8:30 a.m. ET. Economists expect import prices rose 0.6% last month while export prices rose 1%.