Crude oil is trading below $96 a barrel Thursday morning. Oil and gas futures dropped sharply Wednesday, after a government report showed demand for gasoline fell by the largest amount in seven weeks.
The government will release reports on unemployment benefits, wholesale prices and retail sales before the stock market opens. Economists expect the number of people who applied for unemployment benefits fell last week, after surging the previous week.
Cisco Systems Inc. said late Wednesday that earnings slid 18 percent and that it plans to eliminate jobs to cut costs. Cisco fell 3 percent in pre-market trading.
Dow Jones industrial average futures are down 61 points to 12,536. S&P 500 futures are down 7 points to 1,332. Nasdaq 100 futures are down 18 points to 2,376