WASHINGTON (dpa-AFX) - Following the lackluster performance seen in the
previous session, stocks are likely to come under pressure in early trading on
Thursday. The major index futures are currently pointing to a sharply lower open
for the markets, with the S&P 500 futures down by 1.1 percent.

A negative reaction to earnings news from Meta Platforms (META) is likely to
weigh on Wall Street, as the Facebook parent is plunging by 15.5 percent in
pre-market trading.

Meta Platforms reported first quarter results that beat estimates on both the
top and bottom lines but provided disappointing second quarter revenue guidance.

Tech giant IBM Corp. (IBM) is also likely to come under pressure after reporting
weaker than expected first quarter revenues. IBM also announced a deal to
acquire HashiCorp (HCP) for $35 per share in cash, representing an enterprise
value of $6.4 billion.

On the other hand, fellow Dow components Merck (MRK) and Honeywell (HON) are
seeing pre-market strength after reporting first quarter results that exceeded
analyst estimates.

The futures saw further downside following the release of a Commerce Department
report showing the U.S. economy grew by much less than expected in the first
quarter of 2024.

The Commerce Department said gross domestic product increased by 1.6 percent in
the first quarter after surging by 3.4 percent in the fourth quarter of 2023.
Economists had expected GDP to jump by 2.5 percent.

The notable slowdown in GDP growth primarily reflected decelerations in consumer
spending, exports, and state and local government spending and a downturn in
federal government spending.

Meanwhile, the Labor Department also released a report showing an unexpected
decrease by first-time claims for U.S. unemployment benefits in the week ended
April 20th.

The report said initial jobless claims fell to 207,000, a decrease of 5,000 from
the previous week's unrevised level of 212,000. The dip surprised economists,
who had expected jobless claims to inch up to 214,000.

Shortly after the start of trading, the National Association of Realtors is
scheduled to release its report on pending home sales in the month of March.
Pending home sales are expected to rise by 0.3 percent in March after jumping by
1.6 percent in February.

Stocks turned in a lackluster performance during trading on Wednesday following
the strong upward move seen to start the week. After moving to the upside early
in the session, the major averages spent the day bouncing back and forth across
the unchanged line.

The major averages eventually ended the day narrowly mixed. While the Dow edged
down 42.77 points or 0.1 percent to 38,460.92, the S&P 500 crept up 1.08 points
or less than a tenth of a percent to 5,071.63 and the Nasdaq inched up 16.11
points or 0.1 percent to 15,712.75.

In overseas trading, stock markets across the Asia-Pacific region turned in a
mixed performance during trading on Thursday. Japan's Nikkei 225 Index plunged
by 2.2 percent, while Hong Kong's Hang Seng Index climb by 0.5 percent.

The major European markets have also turned mixed on the day. While the U.K.'s
FTSE 100 Index is up by 0.7 percent, the German DAX Index is down by 0.5 percent
and the French CAC 40 Index is down by 0.8 percent.

In commodities trading, crude oil futures are climbing $0.45 to $83.26 a barrel
after falling $0.55 to $82.81 a barrel on Wednesday. Meanwhile, after slipping
$3.70 to $2,338.40 an ounce in the previous session, gold futures are edging
down $1 to $2,337.40 an ounce.

On the currency front, the U.S. dollar is trading at 155.63 yen versus the
155.35 yen it fetched at the close of New York trading on Wednesday. Against the
euro, the dollar is valued at $1.0695 compared to yesterday's $1.0699.



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