By Oliver Gray
Investing.com – U.S. stock futures moved higher during Thursday’s late trade after major benchmark averages finished lower as investors monitored a troublesome bond market recession indicator while awaiting fresh Nonfarm payrolls data for March, set to be released during Friday’s session.
During Thursday’s deals, the lost 550.46 points or 1.6% to 34,678.36, posting the first negative quarter for stocks in two years. The slid 72.04 points 1.6% to 4,530.42 and the fell 221.8 points or 1.5% to 14,220.52.
added 0.34%, gained 0.34% and added 0.45%.
Technology stocks retreated broadly on Thursday, with Block Inc (NYSE:) down 3.2%, Amazon.com Inc (NASDAQ:) fell 2%, Microsoft Corporation (NASDAQ:) lost 1.8%, Apple Inc (NASDAQ:) dipped 1.8% and Alphabet Inc (NASDAQ:) retreated 2%.
EV manufacturers slipped, with Rivian Automotive Inc (NASDAQ:) falling 3.4%, Tesla Inc (NASDAQ:) down 1.5% and Lucid Group Inc (NASDAQ:) declining 4.2%.
Financial heavyweights fell significantly, with JPMorgan Chase & Co (NYSE:) down 3%, Citizens Financial Group Inc (NYSE:) losing 3.1%, Bank of America Corp (NYSE:) down 4.1% and Citigroup Inc (NYSE:) losing 2.9%.
Energy companies fell amid declining prices after the White House said it will release an unprecedented amount of oil from the Strategic Petroleum Reserve. Occidental Petroleum Corporation (NYSE:) fell 1.3%, Exxon Mobil Corp (NYSE:) declined 1.4%, Chevron Corp (NYSE:) dipped 1.6% and ConocoPhillips (NYSE:) lost 1.1%.
In extended deals, GameStop Corp (NYSE:) popped 15.9% after the video game retailer and meme stock announced its intentions for a stock split.
On the bond markets, yields were at 2.345%, while yields were last at 2.335% after the 2-year and 10-year Treasury yields inverted for the first time since 2019 during Thursday’s session, signaling that the economy is headed for a possible recession.
On the data front, investors will be looking ahead to Friday’s , which could give the Fed more confidence in its aggressive rate-hiking plan. Market analysts expect about 490,000 jobs to be added in March, while the is expected to fall to 3.7% from 3.8%. and the report are also set to be released during Friday’s session.
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