Futures Trade Lower as Mueller Likely to Open Investigation Into Trump

Stock futures were losing ground ahead of Thursday’s open as political turmoil weighs on Wall Street. The Washington Post reported late Wednesday that special counsel Robert Mueller may open an investigation against president Trump for obstruction of justice. As a result, Dow futures were 78 points below fair value while another sell-off in tech stocks is setting the Nasdaq Composite up for a bruising at the open.

At 8:30 am ET, economic data includes initial jobless claims for the week ended June 10 (expected to drop 2K), the June Philadelphia Fed business outlook index (expected to decline to 26.0), June Empire State manufacturing index (expected to improve to 5.0) and May import and export prices (expected -0.1%, +0.1%, respectively).

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