Dow Stock Futures Retreat as Path to 20,000 Remains a Challenge

New York (Dec 22)  Dow Jones Industrial Average futures moved lower again on Thursday as the path to 20,000 remained elusive.

Dow futures were down 0.06%, S&P 500 futures fell 0.09%, and Nasdaq futures declined 0.09%.

The Dow's creeping path to its 20,000 milestone hit pause on Wednesday after a meandering day of slight losses. The blue-chip index has struggled to move past that threshold, though managed to move within 15 points of the record.

Dow 20,000 has been on watch since the index hit the 19,000 mark for the first time just a month ago on Nov. 22. The Dow first hit 10,000 in March 1999.

The Dow has moved higher in response to optimism over President-elect Donald Trump's proposed spending plans. Trump's administration, viewed as Wall Street friendly, has already backed deregulation, infrastructure spending and tax cuts.

It's a busier day on the economic calendar with the third and final estimate of third-quarter gross domestic product and durable goods orders to be released before markets open Thursday, and personal income and outlays data out mid-morning.

Crude oil continued its decline on Thursday. Commodities tumbled on Wednesday after weekly data showed a surprise increase in domestic oil stockpiles, a worrying development in the face of an already-oversupplied global oil market. Organization of Petroleum Exporting Countries brought some relief to commodity markets in late November after agreeing to a production cut.

West Texas Intermediate crude oil fell 0.5% to $52.26 a barrel.

Rite Aid (RAD) moved lower on Thursday after third-quarter earnings came in weaker than expected. The pharmacy chain, currently undergoing steps to merge with Walgreens (WBA) , reported adjusted earnings of 2 cents a share. Adjusted profit was half what analysts expected. Same-store sales declined 3.4%, dragged down by a slump in pharmacy sales.

Source: TheStreet