By Oliver Gray
Investing.com - Stock futures rose slightly in early APAC deals on Thursday, after major benchmark averages finished lower amid falling tech stocks as investors remained cautious about the economic outlook for later this year, while higher oil prices boosted energy companies.
During Wednesday's regular trade, the Dow Jones Industrial Average dropped 448.96 points, or 1.3%, to 34,358.50. The S&P 500 declined 1.2% to 4,456.24. The NASDAQ Composite dipped 1.3% to 13,922.60.
The Dow Jones Futures remained flat at 34,354.8. S&P 500 Futures and Nasdaq 100 Futures climbed 0.04% and 0.12%, respectively.
Among stocks, major technology players declined, with Block Inc (NYSE:SQ) down 4.51%, Amazon.com Inc (NASDAQ:AMZN) losing 0.9%, Microsoft Corporation (NASDAQ:MSFT) falling 1.5%, Meta Platforms Inc (NASDAQ:FB) down 1.47%, Alphabet Inc (NASDAQ:GOOGL) shedding 1.14%, NVIDIA Corporation (NASDAQ:NVDA) down 3.36% while Apple Inc (NASDAQ:AAPL) added 0.82%.
Oil-related companies gained as WTI Crude jumped 5% and Brent Crude benchmark spiked 5.23% overnight. Chevron Corp (NYSE:CVX) added 1.08%, ConocoPhillips (NYSE:COP) gained 2.55%, Exxon Mobil Corp (NYSE:XOM) added 1.58%, Devon Energy Corporation (NYSE:DVN) lifted 1.72% and Occidental Petroleum Corporation (NYSE:OXY) gained 0.34%.
Financials fell as United States 10-Year bond yields eased from 34-month highs to 2.29%. JPMorgan Chase & Co (NYSE:JPM) fell 1.99%, Citizens Financial Group Inc (NYSE:CFG) lost 3.66%, Bank of America Corp (NYSE:BAC) fell 2.47%, Citigroup Inc (NYSE:C) lost 2%, Wells Fargo & Company (NYSE:WFC) dipped 4.25%, Morgan Stanley (NYSE:MS) lost 1.95% and Goldman Sachs Group Inc (NYSE:GS) dipped 2.16%.
Meantime, General Mills Inc (NYSE:GIS) added 2.47% after reporting better-than-expected quarterly earnings Wednesday, while Adobe Systems Incorporated (NASDAQ:ADBE) fell 9.34% after earnings results, forecasting a lower-than-expected profit and revenue in its fiscal second quarter.
In extended deals, KB Home (NYSE:KBH) fell 4.8% while Spotify Technology SA (NYSE:SPOT) added 2.71%.
On the data front, investors will be focused on new weekly jobs claims data and durable goods orders set to be released later in the session.