U.S. Stocks Open Lower due to the Impact of COVID Outbreak

U.S. stocks are seen opening lower on Thursday, continuing the recent move lower as investors fret about the impact of the ongoing Covid outbreak on the economic recovery.

According to the data from investing.com, by 7 AM ET (1100 GMT), the Dow Futures contract was down 100 points, or 0.3%, S&P 500 Futures traded 11 points, or 0.3%, lower, and Nasdaq 100 Futures dropped 30 points, or 0.2%.

The Federal Reserve confirmed Wednesday, in its latest Beige Book, a survey of recent economic conditions, which the U.S. economy "downshifted slightly" in August with dining, travel and tourism sectors hit by the coronavirus.

In corporate news, Lululemon Athletica will be in the spotlight after the retailer of athletic clothing offered up a strong full-year forecast as customers looked to maintain exercise regimes even after the easing of coronavirus restrictions.

Boston Beer (NYSE:SAM) is seen trading sharply lower premarket after the brewer withdrew its earnings guidance amid concerns about the growth of its hard seltzer brand.

Crude prices stabilized Thursday as the impact of Hurricane Ida on the output of the U.S. Gulf of Mexico region started to fade.

Data from the American Petroleum Institute, released late Wednesday, showed that crude drawdown for the week ended Sept. 3 was smaller than expected at just under 3 million barrels, but U.S. gasoline stocks fell by a hefty 6.4 million barrels.

Official crude supply data from the U.S. Energy Information Administration are due later in the day.

By 7 AM ET, U.S. crude futures traded 0.4% higher at $69.56 a barrel, while the Brent contract rose 0.4% to $72.91.

Additionally, gold futures rose 0.2% to $1,796.95/oz, while EUR/USD traded 0.1% higher at 1.1829.