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US STOCKS-Futures flat after Wall St suffers worst day in 2 months
December 29, 2016 / 12:34 PM / a year ago

US STOCKS-Futures flat after Wall St suffers worst day in 2 months

* Futures: Dow down 8 pts, S&P up 0.25 pts, Nasdaq down 2.25 pts

By Yashaswini Swamynathan

Dec 29 (Reuters) - U.S. stock index futures were little changed on Thursday, a day after the S&P 500 index turned in its biggest fall in two months, putting a damper on a post-election rally.

* Trading volumes are expected to remain light. But traders will be keeping an eye on jobless claims, which likely fell to 264,000 last week. The data is due at 8:30 a.m. ET (1330 GMT).

* U.S. equities had been enjoying a rally since the presidential election in November on bets that Donald Trump would introduce tax cuts, deregulation and higher infrastructure spending that would spur economic growth.

* The near two-month rally has seen the three main Wall Street indexes rack up double-digit percentage gains, but has left some market participants nervous about a potential correction.

* The S&P 500 index suffered its biggest one-day percentage drop on Wednesday, following weak housing data and losses in the technology sector. The down day also led the Dow away from its pursuit of 20,000.

* The dollar index fell 0.4 percent on Thursday, after seeing its best rise this month.

* U.S. crude prices were off 0.4 percent after data showed a surprise increase in U.S. inventories.

* Nvidia’s shares fell nearly 3 percent to $106.06 in heavy premarket trading, setting the stock up for a second straight day of losses after short-seller Citron Research tweeted that the chipmaker’s stock could fall to $90 in 2017.

* Shares of Advanced Micro Devices, Nvidia’s rival, were off 2.6 percent.

* Cempra dropped 14.75 percent to $5.20 after the drug developer said the U.S. Food and Drug Administration rejected its antibiotic to treat pneumonia.

Futures snapshot at 6:58 a.m. ET:

* Dow e-minis were down 8 points, or 0.04 percent, with 13,981 contracts changing hands.

* S&P 500 e-minis were up 0.25 points, or 0.01 percent, with 61,004 contracts traded.

* Nasdaq 100 e-minis were down 2.25 points, or 0.05 percent, on volume of 11,087 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D‘Silva)

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