U.S. stock futures are down sharply in premarket trading Thursday amid a wider global market selloff as falling crude prices once again take their toll on markets.
Brent crude was down $0.57 to $30.27 per barrel while West Texas crude contracts for March delivery were down $0.98 to $26.47 per barrel.
Asian markets once again led the way down as Hong Kong's Hang Seng closed trading 3.9% lower and Japan's Nikkei fell 2.3%. The Shanghai Composite Index is closed this week in recognition of China's Lunar New Year holiday.
In Europe, France's CAC 40 was falling the hardest, down nearly 4%, while the German DAX and U.K. FTSE 100 were down 2.2% and 2.01%, respectively.
Today, Federal Reserve Chair Janet Yellen continues her testimony before Congress. Yellen began her testimony Wednesday, telling U.S. lawmakers that the central bank recognizes that there are still plenty of obstacles for the U.S. economy to overcome. She did not, however, give any solid indications on what policy tweaks the bank was prepared to make to overcome those headwinds.
The last leg of earnings season continues today. More than 75% of company's scheduled to report their quarterly results have done so already.
Tesla (TSLA) shares are rising in premarket trading today after the company released its earnings results after the closing bell Wednesday. While the company reported a net loss that was much wider than analysts were expecting, it also reaffirmed that it will increase global deliveries to between 70,000 to 80,000 vehicles this year.
Shares of Twitter (TWTR) were down 6% in premarket trading following the release of the social media company's quarterly results late Wednesday. Despite the fact that Twitter topped analysts' earnings expectations -- $0.16 per share vs. $0.12 per share -- the company reported that it lost 2 million users during the period.
Travel website TripAdvisor (TRIP) is up 6.35% in early trading Thursday after topping Wall Street's fourth-quarter expectations. The company earned $0.45 per share in the period, well ahead of the $0.32 per share that analysts' expected.
PepsiCo (PEP) was falling in the premarket despite topping analysts' revenue estimates and announcing a $7 billion dividend buyback plan. However, the company also guided its 2016 full-year earnings below analyst expectations.
Companies set to report quarterly earnings after the market close include AIG (AIG), CBS (CBS), Wynn Resorts (WYNN) and Groupon (GRPN).
U.S. jobless claims for the week ending Feb. 5 fell by 16,000 to 269,000, according to the Labor Department. Analysts had forecast an decrease of 4,000 claims to 281,000 from the previous week.