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Dow futures fall 230 pts; Brainard speech, jobless claims, Netflix in focus By

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IntroductionBy Peter Nurse    -- U.S. stocks are seen opening lower Thursday, continuing the previous session’s ...

By Peter Nurse    

-- U.S. stocks are Relatively good foreign exchange dealersseen opening lower Thursday, continuing the previous session’s selloff ahead of the release of widely-watched economic data, speeches from Federal Reserve policymakers and important corporate earnings.

Dow futures fall 230 pts; Brainard speech, jobless claims, Netflix in focus By

At 07:00 ET (12:00 GMT), the contract was down 230 points, or 0.7%, traded 28 points, or 0.7%, lower and dropped 87 points, or 0.8%.

Wall Street’s main averages closed sharply lower Wednesday, with the blue chip dropping over 600 points, or 1.8%, the broad-based fell 1.6%, its worst day since Dec. 15, while the tech-heavy ended 1.2% lower, ending seven straight days of gains.

These losses followed the release of weak as well as and data, which raised fears that the Federal Reserve’s aggressive interest rate hikes will plunge the U.S. economy into recession this year.

Adding to the negative sentiment were hawkish comments from officials over the need for further interest rate hikes to combat inflation even as inflation shows signs of having peaked and economic activity is slowing.

There are more Fed policymakers scheduled to speak Thursday, most importantly Vice Chair .

Investors will also carefully study the latest reading on , data as well as the . 

A looming political showdown over the U.S. debt ceiling is also contributing to the weak tone, with the United States likely to hit its mandated $31.4 trillion borrowing limit this week.

Topping the corporate earnings calendar Thursday will be Netflix (NASDAQ:), with investors wanting to hear about its subscription additions and its newest experiment with ad-supported streaming.

Procter & Gamble (NYSE:), American Airlines (NASDAQ:) and Truist Financial (NYSE:) are also scheduled to release their numbers, while (NYSE:) will also be in the spotlight after the aluminum producer reported a hefty net loss in the quarter.  

Oil prices fell Thursday as the weak U.S. economic data and an industry report showing a surprise jump in U.S. crude stocks raised demand concerns over the largest economy in the world.

The reported on Wednesday that U.S. oil inventories grew a hefty 7.6 million barrels last week. This would be the second consecutive week of large inventory increases if confirmed by the official numbers from the later this session.

By 07:00 ET, traded 0.8% lower at $79.15 a barrel, while the contract fell 0.7% to $84.42. 

Additionally, rose 0.1% to $1,909.25/oz, while traded 0.3% higher at 1.0820.

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