Investing.com – Wall Street futures pointed to a lower open on Thursday as investors wait for the release of initial jobless claims and a historical meeting of Federal Reserve (Fed) chiefs, pasta and present, after Fed meeting minutes released on Tuesday underlined the cautious approach to policy adjustments.
The blue-chip Dow futures fell 78 points, or 0.44%, by 10:59AM GMT, or 6:59AM ET, the S&P 500 futures dropped 11 points, or 0.51%, while the tech-heavy Nasdaq 100 futures lost 20 points, or 0.45%.
The Fed meeting minutes underlined the U.S. central bank’s cautious stance on further tightening of monetary policy, sending Wall Street higher and putting downward pressure on the dollar, including reaching a 17-month low against the yen.
On Thursday, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was inching up 0.02% at 94.50 at 11:00AM GMT, or 7:00AM ET.
With this in the backdrop, Federal Reserve Chair Janet Yellen is scheduled to participate in a panel discussion at the International House, in New York, alongside former Fed chairmen Ben Bernanke, Alan Greenspan and Paul Volcker for a program entitled "When the Fed speaks, the world listens" at 21:30GMT, or 17:30PM ET.
Traders will also be paying attention to a speech by Kansas City Fed president Esther George at 20:15PM ET to further judge the balance of opinion among policymakers on the prospect of further rate hikes.
Meanwhile, oil took a breather on Thursday after an increase in exports from Iraq offset the bullish reaction to a surprise stockpile drop on Wednesday.
Exports from Iraq’s southern ports increased to an average 3.494 million barrels a day in April, from the prior 3.286 million, according to the state-run South Oil Company.
U.S. crude futures lost 0.21% to $37.67 by 11:00AM GMT, or 7:00AM ET, while Brent oil inched down 0.05% to $39.82.
On the macro front, investors will gauge the strength of the U.S. labor market with the release of the weekly initial jobless claims at 12:30GMT or 8:30AM ET, while February consumer credit will be published at 19:00GMT, or 15:00 ET.
In company news, CarMax (NYSE:KMX) and ConAgra Foods (NYSE:CAG) were scheduled to report earnings.