Updated from 7:16 a.m.
Stock futures were mixed Thursday morning as markets adjusted to losses on Wednesday and as investors consider fresh economic data.
S&P 500 futures were up 0.03%, Dow Jones Industrial Average futures down 0.02%, and Nasdaq futures increased 0.01%.
After the markets took a negative turn Wednesday, the Dow moved further away from the 20,000 milestone that investors have been eyeing over the last two weeks. Since the election of Donald Trump, markets have buoyed on hopes of lighter regulation and tax cuts, but the end of the post-election rally could be at hand as the year comes to a close.
Some key economic data Thursday could help investors decide if the economy is moving in the right direction.
The final jobless claims report of 2016 said that a seasonally adjusted 265,000 new unemployment claims were filed last week, a decrease of 10,000 from the prior week. In the previous week, 275,000 new unemployment claims were filed, according to the Department of Labor. This is the 95th consecutive week that new jobless claims have been fewer than 300,000, the longest such streak since 1970.
The Commerce Department said that the trade deficit increased to $65.3 billion in November, up from the deficit of $61.9 billion in the prior month.
Crude oil prices closed with gains for the fifth consecutive day as investors anticipate a decrease in the production of global oil supplies based on an earlier agreement by the Organization of Petroleum Exporting Countries. At 11 a.m., the U.S. Energy Information Administration will release its weekly petroleum status report.
West Texas Intermediate crude oil turned lower, down 0.3% to $53.90 a barrel on Thursday. Brent crude, the global benchmark, traded at $56.35, up 0.23%.
Sprint (S) - Get Report shares popped after the company announced Wednesday that it was going to "create or bring back" 5,000 jobs to the U.S. in 2017. This announcement was part of an earlier plan by SoftBank, which owns more than 80% of Sprint, to create 50,000 jobs and invest $50 billion in U.S. companies. However, President-elect Trump on Wednesday made the announcement seem as if this was a new agreement with Sprint. Sprint's shares were up 0.92% to $8.80 in premarket trading.
Nvidia's (NVDA) - Get Report shares fell for the second day after Citron Research wrote on Twitter Wednesday that the shares were overvalued. The company wrote that the market "is disregarding headwinds" and that "in 2017 we will see $NVDA head back to $90." The computer chip-making company's shares dropped 2.7% in premarket trading to $106.29, but have risen more than 231% this year so far.