Investing.com – US stock index futures mostly slipped lower Thursday, consolidating after the benchmark S&P 500 index reached a record high, ahead of a speech by new President Donald Trump at Davos.
At 05:45 ET (10:45 GMT), were up 7 points, or 0.1%, while were 13 points, or 0.2%, lower, and dropped 115 points, or 0.5%.
The main Wall Street indices posted gains on Wednesday, with the closing 0.6% higher, after hitting a record high intraday, while the gained 1.3% and the rose 0.3%.
Underpinning these gains were technology stocks, with the sector’s best individual performer being Netflix (NASDAQ:), which reported strong holiday quarter results that were bolstered by a peak in the number of subscribers to the streaming video platform.
Trump to speak at Davos
Trump will remain in focus Thursday, as the new president is set to deliver a speech remotely to the World Economic Conference in Davos, Switzerland later in the session.
The exact topics Trump will cover in his first major speech to global business and political leaders since returning to the White House remain unclear, but investors will be looking for more clarity about his threat to introduce universal tariffs on goods imported to the United States, as well as his position on major geopolitical and economic issues such as the Ukraine-Russia war, the future of Israeli-Palestine relations and economic rivalry with China.
Since his inauguration earlier this week, Trump has signed a slew of executive orders that have addressed a wide range of issues, including immigration, diversity, and energy. He has also moved to take the US out of the Paris climate agreement and the World Health Organization, and has said he will push to rename the Gulf of Mexico to the Gulf of America and take back the Panama Canal from Panama.
Corporate earnings continue
Economic data due Thursday include weekly , followed by Kansas City Fed manufacturing data.
Quarterly earnings from the likes of Intuitive Surgical (NASDAQ:), GE Aerospace (NYSE:) and American Airlines Group (NASDAQ:) were also on tap.
Additionally, shares in Electronic Arts (NASDAQ:) slumped in premarket trading after the video game maker slashed its guidance for net bookings due to sluggish performance of its soccer titles.
Knight-Swift Transportation (NYSE:) stock rose premarket after fourth-quarter results showed improved operating margins, while Alaska Air (NYSE:) gained after fourth-quarter results topped estimates on the top and bottom lines.
Crude slips lower
Oil prices slipped lower Thursday, extending a recent downturn following growth in US crude inventories while traders braced for higher US production under President Donald Trump.
By 05:45 ET, the US crude futures (WTI) dropped 0.1% to $75.40 a barrel, while the Brent contract fell 0.1% to $78.92 a barrel.
Crude prices have tumbled from near six-month highs in the past week, as uncertainty over Trump’s energy and trade policies weighed. The signing of a ceasefire between Israel and Hamas also sapped some risk premium from crude.
Additionally, data from the , released on Wednesday, showed that US inventories grew 1 million barrels in the week to Jan, 17, after five straight weeks of draws.
The official inventory numbers, from the , are due later in the session.
(Ayushman Ojha contributed to this article.)
