U.S. stock-index futures signaled a lower start to trade on Wall Street on Thursday, as European and some Asian shares rose after an accord was struck among OPEC members.
The 14-country OPEC oil cartel agreed to seek a cut in crude production when they meet formally in November — paving the way for the first cut in oil supply since 2008. The consequent rally in oil prices saw U.S. stock indexes close higher on Wednesday, with the Dow up triple digits.
Crude oil futures rose nearly 6 percent on Wednesday on news of the deal, but pared some gains on Thursday as investors grew skeptical about the details of the agreement and how it will be enforced.
"There are the usual unanswered questions about implementation, not least regarding how the output cuts will be divvied up among members; how Iran, Nigeria and Libya might be given greater leeway to increase production without jeopardizing the deal as a whole; and how non-members such as Russia, Mexico, North American shale producers and others will respond," Emily Nicol, economist at Daiwa Capital Markets, said in a note on Thursday.
On the earnings front, Costco is set to post results after Wall Street closes. PepsiCo shares rose more than 3 percent in the premarket after reporting better-than-expected quarterly sales. ConAgra also posted results, and its stock rose 2 percent. Accenture shares also rose after the firm posted results.
Meanwhile, Apple shares fell more than half a percent in premarket trading after Barclays removed its "Top Pick" designation from the tech giant's stock and lowered its price target to $114 from $115. "Our research indicates a recovery in global smartphone growth could be pushed out. Plus, conversations with industry participants suggest iPhone sales trends could be at risk of petering out in coming months, similar to last year's post-IP6S launch fall-out," Barclays analysts said.
Data-wise, the third read on second-quarter GDP beat estimates, while weekly jobless claims rose less than expected. Pending home sales for August are due at 10 a.m. ET.
U.S. Federal Reserve Chair Janet Yellen will speak in Kansas City at 4 p.m. ET at a forum on banking and the economy. Before that, Fed Governor Jerome Powell will speak in St. Louis about trends in community bank performance.
Plus, the U.S. Presidential race will be in focus, following media speculation that a company owned by Republican candidate, Donald Trump, violated the Cuban trade embargo in the 1990s.