US equity futures experienced marginal declines as traders assessed the latest producer inflation report on the cusp of Thursday's market opening. Dow Jones Industrial Average futures saw a decrease of 0.1%, while S&P 500 futures slipped by 0.2%, and Nasdaq futures fell 0.3%. This slight downturn comes in light of the consumer price index that was unveiled on Wednesday, indicating a modest 0.2% rise in prices.
This was slightly below expectations set by a Bloomberg survey, which anticipated a growth of 0.3%. In the commodities market, oil prices took a hit; the front-month global benchmark North Sea Brent crude dropped by 0.4%, settling at $70.65 per barrel, while US West Texas Intermediate crude also dipped 0.4% to $67.38 per barrel.
The new unemployment claims report released at 8:30 am ET offered some relief, showing a decline to 220,000 for the week ending March 8, down from 222,000 the week before, contrasting with Bloomberg estimates that projected an increase to 225,000. Additionally, producer prices remained unchanged for the final demand in February after a previous growth rate of 0.6%, diverging from expectations of a 0.3% increase.
Globally, markets showed mixed results; Japan's Nikkei Index closed down by 0.08%, Hong Kong's Hang Seng dropped by 0.6%, and China's Shanghai Composite Index fell by 0.4%. The UK's FTSE 100 also lost 0.1%, while Germany's DAX index declined by 0.8% during the early afternoon trading session in Europe.
In equities news, shares of D-Wave Quantum ($QBTS) experienced a notable rise of 4% before the market bell, following a report of Q4 adjusted loss that was less severe than that of the previous year. Conversely, shares of SentinelOne ($S) plummeted by 13% after the company disclosed fiscal Q1 revenue that fell short of analysts' expectations.
Overall, investors are advised to remain cautious as they navigate through these fluctuating market conditions, keeping a keen eye on economic indicators and earnings reports that will further shape the landscape..