U.S. stock futures dipped early Thursday after concerns over the U.S. economy and the market’s overall valuation sparked another selloff in equities a day earlier.
Futures for Dow Jones Industrials dropped 146 points, or 0.6%, early Thursday to 23,020.
Futures for the S&P 500 slipped 13.5 points, or 0.5%, at 2,799.56.
Futures for the NASDAQ Composite slid 46.25 points, or 0.5%, to 8,946.
Despite sharp drops on Wednesday, the S&P 500 remains more than 28% above its March 23 low. The Dow has also rallied more than 27% since then as shares of major tech companies surged.
Traders awaited the latest jobless data this morning to gauge the pandemic’s impact on the U.S. labor market. Economists polled by Dow Jones expect a total of 2.7 million of Americans to have filed unemployment insurance during the week ending May 9.
A record 20.5 million jobs were lost in April alone as the coronavirus-induced economic shutdown tore through the economy, sending the unemployment rate skyrocketing to 14.7%.
Overseas, in Tokyo, the Nikkei 225 dropped 1.7%, while in Hong Kong, the Hang Sang index slumped 1.5%.
Oil prices gained 84 cents to $26.13 U.S. a barrel.
Gold prices brightened $6.80 to $1,723.20.