STOCK MARKET NEWS: Futures cautious, oil choppy, jobless claims due

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Futures trade lower ahead of earnings, jobless claims

U.S. equity futures traded lower Thursday morning, following an earnings-powered trading session on Wednesday.

Oil prices traded choppy on Thursday after U.S. data signaled weak fuel demand.

West Texas Intermediate (WTI) crude futures traded around $90.00 a barrel. Brent crude futures traded at $96.00 a barrel.

Clorox shares fell 6% in after-hours trading as quarterly revenue and profit missed Wall Street expectations. Fiscal fourth-quarter sales were flat at $1.8 billion., missing the estimate for $1.86 billion. Organic sales did grow 1%.

 Ebay shares moved higher in after-hours trading. The online marketplace topped Wall Street revenue estimates. Second quarter revenue fell 9% to $2.4 billion, but was still higher than the analysts’ estimate of $2.37 billion. The company is forecasting negative third quarter and full year organic growth.

Another busy day ahead for 2Q earnings season.  Morning results include Cigna, Paramount Global,  ConocoPhillips and Eli Lilly. Afternoon highlights will include Warner Brothers Discovery, Live Nation, and Expedia.

The economic calendar will focus on jobless claims and the U.S. trade deficit.

In Asia, Japan’s benchmark Nikkei 225 added 0.7%, Hong Kong’s Hang Seng rose 2.1% and China’s Shanghai Composite climbed 0.8%.

On Wall Street, the S&P 500 rose to 4,155.17, an almost 2-month high. The Nasdaq gained 2.6% to 12,668.16. The Dow Jones Industrial Average rose 1.3% to 32,812.50. 

The yield on the 10-year Treasury was at 2.72% on Thursday.

Gasoline continues slide

The average price of a gallon of gasoline slipped on Thursday to $4.139, according to AAA. Gas was $4.163 on Wednesday. Gas has been on the decline since hitting a high of $5.016 on June 14. Diesel slipped as well to $5.215 from $5.237.

Oil trades choppy on demand concerns

Oil prices bounced between gains and losses on Thursday after U.S. data signaled weak fuel demand.

West Texas Intermediate (WTI) crude futures traded around $90.00 a barrel. Brent crude futures traded at $96.00 a barrel.

Both benchmarks fell to their weakest levels since February in the previous session after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week.

OPEC+ also agreed to raise its oil output target by 100,000 barrels per day.

U.S. crude oil inventories rose unexpectedly last week as exports fell and refiners lowered runs, while gasoline stocks also posted a surprise build as demand slowed, the Energy Information Administration said.

Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were higher Thursday morning

Bitcoin was trading around $23,000 after snapping a three-day losing streak. In the past week, Bitcoin has lost 0.3%. For the year, the cryptocurrency has lost more than 49%.

Ethereum was trading at $1,600, slipping 1% in the past week. Dogecoin was trading at 6 cents, off more than 1% in the past week.