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Stock Market Today: Futures Pull Back as Russian Sanctions Shake Global Markets

NEW YORK ( TheStreet) -- Futures were retreating from stocks'  record highs set over Wednesday's session after a new round of sanctions against Russia from the Obama administration were announced. The latest sanctions were a response to the ongoing conflict along the Ukrainian border.

The latest round of sanctions are more crippling to Russia with restrictions placed on Rosneft, the largest oil company in the world, and Novatek, the second-largest gas producer in Russia.

Dow Jones Industrial Average futures slid 0.16% to 17,029, gapping from the index's record close of 17,138.2 a day earlier. The S&P 500 moved 0.35% lower to 1,967.75, while the Nasdaq dropped 0.39% to 3,907.25.

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Asian markets closed slightly lower, with the Shanghai Composite showing the biggest losses, while European markets continued to fall over their session.

Stateside, June housing starts declined 9.3% to 893,000 units, heaping on top of a 7.3% drop a month earlier and missing estimates of 1.026 million units. 

The labor market continued to improve with initial jobless claims slipping 3,000 in the week ended July 12 to 302,000. Analysts had expected 310,000 claims. 

Microsoft (MSFT - Get Report) CEO Satya Nadella said the software giant plans to cut 18,000 jobs by the end of 2015, including 12,500 in its Nokia division. Microsoft acquired the unit in April for $7.2 billion and committed to cutting costs by $600 million per year in the 18 months from the completion of the acquisition. Microsoft shares were up 3% in premarket trading.

Turbine manufacturer Dresser-Rand (DRC) was spiking 16% on reports Siemens (SI) was preparing an offer for acquisition, according to German magazine Manager Magazin.

Time Warner (TWX) shares were continuing to gain, up 1.4% before the bell, following confirmation Wednesday it had rejected an $80 billion bid from 21st Century Fox (FOXA).

It's a busy day for earnings with Google (GOOG), IBM (IBM) and Advanced Micro Devices (AMD) reporting after the bell.

Morgan Stanley (MS) was gaining 1.7% in premarket trading after more than doubling its quarterly net income to 94 cents a share from 41 cents a share a year earlier.

SanDisk (SNDK - Get Report) shares were falling 7.8% before the bell after guiding for third-quarter revenue between $1.68 billion and $1.73 billion, slightly lower than analysts' estimates.

eBay (EBAY) was edging 0.6% higher after reporting second-quarter earnings of 69 cents a share, a penny higher than what analysts expected.

Check out TheStreet's Jonathan Marino with Thursday's Global Markets Report:


WATCH: More market update videos on TheStreet TV

-- Written by Keris Alison Lahiff in New York.

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