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Dow futures drop 100 amid data; oil eyed

Spencer Platt | Getty Images

U.S. stock index futures indicated a lower open on Thursday as traders watched oil and the dollar, which could be key to trading after they sent markets on a wild ride on Wednesday.

Falling crude prices and the rising dollar have been poison to the stock market with both sapping corporate profits.

But Wednesday saw stocks move higher as oil surged, while the dollar slumped amid speculation the Fed would hold off on further rate hikes.

In oil markets, Brent crude traded at around $34.70 a barrel on Thursday morning, down by 1 percent, while U.S. crude was at around $32.15 a barrel, down by 0.4 percent.

U.S. futures were slightly higher before oil prices turned lower.

On the data front, weekly jobless claims came in higher than expected, while productivity fell at a faster pace than expected.

Factory orders are also set to come out at 10:00 a.m.

Investors also digested the latest Challenger, Gray & Christmas jobs cut report, which showed planned cuts last month surged to a six-month high.

On the earnings front, LinkedIn, News Corp., Tableau Software and Outerwall are set to report after the bell.

In Asia, Japan's Nikkei finished 0.85 percent lower, while the Shanghai Composite closed 1.55 percent higher in China. In Europe, the pan European Stoxx 600 index was around 0.1 percent lower.

—CNBC's Patti Domm contributed to this report