The landscape of US equity futures exhibited minimal changes on Thursday as investors adopted a cautious stance ahead of a significant influx of economic indicators. The futures for the Dow Jones Industrial Average experienced a slight dip of 0.02%, while the S&P 500 futures receded by 0.1% and the Nasdaq futures decreased by 0.2%.
In commodities, oil prices faced downward pressure, evidenced by a 1.6% drop in the North Sea Brent crude, settling at $80.39 per barrel, and a corresponding decline in the US West Texas Intermediate crude price, also down 1.6% at $76.33 per barrel. As traders look towards the coming economic data, the Q2 Gross Domestic Product (GDP)—set to be unveiled at 8:30 am ET—is projected to show a robust improvement, with estimates suggesting an annualized growth of 2%, up from the 1.4% registered in Q1.
In addition, the upcoming release of new orders for durable goods is highly anticipated, with expectations pointing to a 0.3% increase for June following a modest 0.1% rise in May. Furthermore, new unemployment claims are expected to decline, with forecasts predicting a drop to 237,000 for the week ending July 20, down from 243,000 in the previous week.
Adding to the rich tapestry of economic data, the trade-in goods deficit is also slated for release at the same time, further illuminating the economic landscape. The outcomes of these figures are likely to influence market sentiments and trading strategies as investors navigate the complexities of the financial environment..