By Investors Hub
Major US index futures are pointing to a modestly lower opening on Thursday following the mixed performance seen in the previous session.
The Dow and the S&P 500 may extend the downward move seen over the two previous sessions, pulling back further off the record closing highs set on Monday.
The tech-heavy Nasdaq could also give back ground as some traders look to cash in on yesterday’s gains among tech stocks.
After ending Tuesday’s trading mostly lower, stocks turned mixed over the course of the trading session on Wednesday. While the Nasdaq climbed firmly into positive territory, the Dow and the S&P 500 pulled back further off the record closing highs set on Monday.
The Nasdaq advanced 45.92 points or 0.7 percent to 6,233.95, while the Dow fell 57.11 points or 0.3 percent to 21,410.03 and the S&P 500 edged down 1.42 points or 0.1 percent to 2,435.61.
The mixed performance on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following the recent record highs for the Dow and the S&P 500.
Traders also kept a close eye on the price of crude oil, which pulled back into bear territory in the previous session. Crude for August delivery tumbled to the lowest closing level for a front-month contract in over ten months.
Concerns about oversupply continued to weigh on oil prices despite the release of a report from the Energy Information Administration showing a bigger than expected weekly drop in crude oil inventories.
A separate report from the National Association of Realtors showed an unexpected rebound in existing home sales in the month of May.
NAR said existing home sales climbed by 1.1 percent to an annual rate of 5.62 million in May after tumbling by 2.5 percent to a downwardly revised 5.56 million in April.
The rebound surprised economists, who had expected existing home sales to edge down to an annual rate of 5.55 million in May from the 5.57 million originally reported for the previous month.
NAR chief economist Lawrence Yun said the unexpected increase in sales in May came as more buyers overcame the increasingly challenging market conditions prevalent in many areas.
Biotechnology stocks moved substantially higher on the day, extending the rally seen over the past several sessions. The NYSE Arca Biotechnology Index surged up by 3.8 percent to its best closing level in almost two years.
Immune Design (IMDZ), Esperion Therapeutics (ESPR), and Concordia International (CXRX) turned in some of the biotech sector’s best performances.
Significant strength was also visible among gold stocks, as reflected by the 1.7 percent gain posted by the NYSE Arca Gold Bugs Index. The strength in the sector came as gold for August delivery rose $2.30 to $1,245.80 an ounce.
Software, semiconductor, and internet stocks also saw notable strength on the day, contributing to the advance by the tech-heavy Nasdaq.
On the other hand, energy stocks moved sharply lower along with the price of crude oil, adding to the losses posted in the previous session.
Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index plunged by 3.4 percent, while the NYSE Arca Oil & Gas Index slumped by 2.7 percent and the NYSE Arca Natural Gas Index fell by 1.4 percent.
Chemical, brokerage, and trucking stocks also came under pressure on the day, partly offsetting the strength seen in the sectors mentioned above.
Dipo Olowookere 
Aduragbemi Omiyale