U.S. stock futures pointed to modest losses on Wall Street on Thursday as the initial euphoria over a preliminary agreement on oil output faded and crude prices drifted south. Futures did not react to a number of economic reports, including the second revision to the second-quarter economic growth. The U.S. economy grew at a fractionally faster pace during spring, a government report said. Meanwhile, weekly jobless claims rose slightly, but remained at historically low levels. –– ADVERTISEMENT –– Dow Jones Industrial Average YMZ6, -0.17% futures were down 29 points, or 0.2% at 18,208, S&P 500 futures ESZ6, -0.17% futures were off by 4 points, or 0.2% at 2,159. Nasdaq-100 index futures NQZ6, -0.18% declined 9 points, or 0.2% to 4,859. The S&P 500 index SPX, +0.53% closed up 0.5% on Wednesday, led by a 4.3% surge in the energy sector. The Organization of the Petroleum Exporting Countries reached an “understanding� over limiting crude production and is considering cutting output to between 32.5 million and 33 million barrels a day, The Wall Street Journal reported. The price of West Texas Intermediate CLX6, +0.19% crude surged 5% on the news Wednesday, driving energy stocks higher. But oil prices drifted lower Thursday as doubts lingered over the details of the planned agreement. Crude futures were flat at $47.04 a barrel. Read: Doubts linger over OPEC’s preliminary deal on output Oil prices are still facing a “major range boundary that mirrors broader consolidation trends in the financial sector,� said John Kicklighter, chief currency strategist at DailyFX, in a note to clients. “It will take more than a cap on supply from even this large producer of a vital commodity to change the sentiment of the entire financial system; and developing a trend independent of general congestion is fraught with danger,� said Kicklighter. While U.S. stock futures were trading within a narrow range, markets rallied across Asia and Europe and the Japanese yen fell USDJPY, +0.93% as oil-price gains triggered an appetite for riskier assets such as stocks. The yen is traditionally viewed as place to hide when investors fear economic or global uncertainty. Busy day for economic data, Fed speakers: Initial jobless claims rose 3,000 to 254,000 in late September, but remained below 300,000 for 82 straight weeks, pointing to a steadily improving labor market. Meanwhile, revised data suggest that the economy’s performance in the spring was slightly better than expected, as business investment wasn’t nearly as weak as previously reported. The gross domestic product grew a 1.4% pace in the second quarter. The Fed lineup includes: Philadelphia Fed President Patrick Harker, who will speak on the economic and monetary policy outlook at a Global Interdependence Center event in Dublin, Ireland at 5 a.m. Eastern. Then Atlanta Fed President Dennis Lockhart will speak at the 2016 Future of Florida forum in Orlando at 8:50 a.m. Eastern. Fed Gov. Jerome Powell will give a speech at the St. Louis Fed community banking research conference at 10 a.m. Eastern. Later, Minneapolis Fed President Neel Kashkari will participate in a town hall on economic development in Rapid City, South Dakota at 2 p.m. Eastern Finally, Fed Chairwoman Yellen will take part in a videoconference for the Kansas City Fed at 4 p.m. Eastern.

Source