(RTTNews) - After turning in a strong performance during Wednesday's session, stocks may give back ground 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.
Traders may look to cash in on yesterday's gains, which saw the tech-heavy Nasdaq surge above 20,000 for the first time ever.
Negative sentiment may also be generated in reaction to a Labor Department report showing producer prices in the U.S. increased by more than expected in the month of November.
The Labor Department said its producer price index for final demand climbed by 0.4 percent in November after rising by an upwardly revised 0.3 percent in October.
Economists had expected producer prices to inch up by 0.2 percent, matching the uptick originally reported for the previous month.
The report also said the annual rate of producer price growth accelerated to 3.0 percent in November from an upwardly revised 2.6 percent in October.
The annual rate of producer price growth was expected to rise to 2.6 percent from the 2.4 percent originally reported for the previous month.
While the data is not likely to significantly impact expectations the Federal Reserve will lower interest rates next week, it could reduce the chances the central bank continues to lower rates early next year.
The Labor Department also released a separate report showing first-time claims for U.S. unemployment benefits unexpectedly increased in the week ended December 7th.
The report said initial jobless claims climbed to 242,000, an increase of 17,000 from the previous week's revised level of 225,000.
Economists had expected jobless claims to dip to 220,000 from the 224,000 originally reported for the previous week.
Stocks moved mostly higher during trading on Wednesday, rebounding strongly following the pullback seen to start the week. The tech-heavy Nasdaq showed a particularly strong upward move, closing above 20,000 for the first time.
The Nasdaq surged 347.65 points or 1.8 percent to a new record closing high of 20,034.89, while the S&P 500 climbed 49.28 points or 0.8 percent to 6,084.19.
Meanwhile, the narrower Dow showed a lack of direction over the course of the session before closing down 99.27 points or 0.2 percent at 44,148.56. The blue chip index closed lower for the fifth straight session amid a slump by shares of UnitedHealth (UNH).
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Thursday. Japan's Nikkei 225 Index jumped by 1.2 percent, while China's Shanghai Composite Index advanced by 0.9 percent.
The major European markets have also moved to the upside on the day. While the French CAC 40 Index is up by 0.1 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.2 percent.
In commodities trading, crude oil futures are edging down $0.01 to $70.28 a barrel after jumping $1.70 to $70.29 a barrel on Wednesday. Meanwhile, after surging $38.30 to $2,756.70 an ounce in the previous session, gold futures are falling $17.40 to $2,739.30 an ounce.
On the currency front, the U.S. dollar is trading at 151.92 yen versus the 152.45 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0496 compared to yesterday's $1.0496.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
