(RTTNews) - Stocks may move to the downside in early trading on Thursday, giving back ground after moving notably higher over the past few sessions. 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 the recent strength in the markets, which saw the Nasdaq and the S&P 500 nearly offset the sell-off seen last week.
Lingering concerns about the outlook for interest rates may also weigh on the markets after the Federal Reserve recently signaled it plans to cut rates less than previously estimated last year.
Overall trading activity is likely to be relatively, subdued, however, with many traders likely to remain away from their desks following the Christmas Day holiday on Wednesday.
On the U.S. economic front, he Labor Department released a report showing first-time claims for U.S. unemployment benefits unexpectedly edged slightly lower in the week ended December 21st.
The report said initial jobless claims slipped to 219,000, a decrease of 1,000 from the previous week's unrevised level of 220,000. Economists had expected jobless claims to rise to 224,000.
In an abbreviated Christmas Eve session, stocks moved sharply higher over the course of the trading day on Tuesday. The major averages all showed strong moves to the upside, extending the upward move seen over the two previous sessions.
The major averages saw further upside going into the close, ending the session at their best levels of the day. The Dow advanced 390.08 points or 0.9 percent to 43,297.03, the Nasdaq surged 266.24 points or 1.4 percent to 20,031.13 and the S&P 500 jumped 65.97 points or 1.1 percent to 6,040.04.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Thursday, with several major markets closed for Boxing Day. Japan's Nikkei 225 Index jumped by 1.1 percent, while South Korea's Kospi fell by 0.4 percent.
Meanwhile, the major European markets all remained closed on the day in observance of Boxing Day.
In commodities trading, crude oil futures are climbing $0.54 to $70.64 a barrel after jumping $0.86 to $70.10 a barrel on Tuesday. Meanwhile, after rising $7.30 to $2,635.50 an ounce in the previous session, gold futures are inching up $6.40 to $2,641.90 an ounce.
On the currency front, the U.S. dollar is trading at 157.78 yen versus the 157.40 yen it fetched on Wednesday. Against the euro, the dollar is valued at $1.0401 compared to yesterday's $1.0405.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
