Stock futures fall as Street begins March on a sour note

U.S. stock index futures pointed to a lower open on Thursday, the first day of the month, adding to losses seen in the previous session.

Around 8:35 a.m. ET, Dow futures were off 90 points, indicating a drop of 80 points at the open. Dow futures briefly fell more than 100 points. The Nasdaq and S&P 500 futures also pointed to a negative open.

Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) ahead of the opening bell.
Drew Angerer | Getty Images News | Getty Images
Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) ahead of the opening bell.

The moves came after Wall Street finished deep in the red during the previous trading session. On Wednesday, the Dow Jones industrial average sank 380 points as markets wrapped up the volatile month of February for major averages. Concerns over higher interest rates have lingered.

Earlier this week, Fed Chair Jerome Powell indicated that the central bank could raise interest rates three or more times during 2018 to prevent the U.S. economy from overheating, causing volatility in the bond and equity markets.

On the data front Thursday, jobless claims reached their lowest level since 1969. Other data set for release include the manufacturing purchasing managers' index (PMI) data at 9:45 a.m. ET; while the manufacturing ISM report on business and construction spending are due out at 10 a.m. ET.

Investors will also be watching for any more corporates to change their stance on gun control, after a number of companies cut their partnership ties with the NRA.

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The Senate Banking committee will hear from Fed Chair Jerome Powell on the Semi-Annual Monetary Policy Report to the Congress. Meantime, New York Fed President William Dudley is expected to talk about trade and globalization at an event in Sao Paulo, Brazil.

Overseas, stocks in both Europe and Asia slipped into the red during their respective sessions.