THURSDAY – U.S. stocks traded narrowly mixed Thursday as investors eyed oil prices ahead of the highly anticipated jobs report due Friday.
The Dow Jones industrial average gave up opening gains to trade a touch lower, with Chevron, Exxon Mobil and Travelers having the greatest negative impact. The S&P 500 turned negative, attempting to hold the psychologically key 2,100 level. Utilities and telecoms led decliners, while energy also gave up earlier gains.
U.S. crude oil futures erased gains to trade more than 3 percent lower just below $46 a barrel after the EIA said weekly crude inventories declined 2.2 million barrels, far less than the 6.7 million barrel drawdown the American Petroleum Institute reported late Wednesday. A reversal in oil prices higher helped stocks close higher on Wednesday.
European markets bounced back Thursday, with the pan European Stoxx 600 Index trading more than 1 percent higher, helped by gains in banking stocks.
On the earnings front, PepsiCo reported better-than-expected earnings. Barracuda Networks and Helen of Troy are among companies set to report after the bell.
8:30 a.m. Employment report
3 p.m. Consumer credit