Stock futures edged lower on Thursday as new residential housing construction in the U.S. picked up and jobless claims continued to decline.
S&P 500 futures were down 0.09%, Dow Jones Industrial Average futures fell 0.09%, and Nasdaq futures declined 0.05%.
Housing starts in December rose at a faster-than-expected pace, climbing to an annual pace of 1.226 million. Economists anticipated an annual pace of 1.188 million. Building permits came in at a pace of 1.225 million, above estimates of 1.2 million.
Initial jobless claims fell in the past week, according to the Labor Department, another sign of a tightening labor market. The number of new claims for unemployment benefits fell by 15,000 to 234,000. Analysts anticipated claims to tick up to 255,000.
The European Central Bank on Thursday opted to leave rates unchanged, as economists had expected. The interest rate on refinancing was left unchanged at 0%, while the deposit facility interest rate held at negative 0.4%. In a press conference, ECB President Mario Draghi noted signs of a "somewhat stronger" global economic recovery.
At its last meeting, the ECB left its bond buying at 80 billion euros a month until March 2017. Bond buying will then drop to 60 billion euros a month in April and will extend until December 2017, though could be pushed out further if needed, the bank said.
Stocks have struggled in recent days with the so-called Trump rally appearing to have subsided. Wall Street has tried to make sense of the incoming administration's policies, including which will actually come to pass and which were merely campaign bluster. Trump will be inaugurated as the 45th President of the U.S. on Friday.
"The question surrounding the financial markets will be whether or not most of his campaign rhetoric regarding trade agreements will actually be implemented," Peter Cardillo, chief market economist, wrote in a note. "We suspect in large part it will be watered down. The mere thought of it, however, will raise the possibilities that trade wars will develop, thus bringing the world financial order closer to protectionism than at any time since the early 1930's."
Netflix (NFLX - Get Report) jumped 8% higher in premarket trading after rocketing past estimates in its fourth quarter. The streaming service added 7.05 million subscribers in the recent quarter, far better than growth of 3.57 million subscribers in the third quarter. Netflix added 1.93 million new U.S. subscribers during the quarter, easily surpassing Wall Street's expectations for 1.4 million new domestic subscribers. Net income rose to 15 cents a share, up a nickel from the same quarter a year earlier and 2 cents above estimates.
Kinder Morgan (KMI - Get Report) fell nearly 5% after reporting a sharper-than-expected drop in revenue than anticipated. Revenue declined by 6.9% to $3.39 billion, missing estimates by $150 million. The company swung to a profit of $209 million from a loss of $695 million a year earlier.
CSX (CSX - Get Report) surged more than 15% on news former Canadian Pacific (CP - Get Report) CEO Hunter Harrison had partnered with an activist investor to shake up its management. Harrison has teamed up with Paul Hilal, formerly of Bill Ackman's Pershing Square Capital Management.