U.S. futures are declining Thursday morning after all the indices rallied Wednesday from an earlier downturn to close in the green.
European markets are also falling following Federal Reserve Chair Janet Yellen's press conference yesterday.
Yellen took a dovish tone in her remarks Wednesday. Members of the central bank's Federal Open Market Committee voted 9-1 to keep its benchmark interest rate between 0.25% and 0.5%.
"Proceeding cautiously ... at this time will allow us to verify that the labor market is continuing to strengthen, despite the risks from abroad," Yellen said. "The U.S. economy has been very resilient in the face of shocks."
On a positive note, oil prices continued to rally from their two-day swoon at the start of the week, with Brent crude prices climbing $0.66 to $41 per barrel while West Texas crude rose $0.73 to $39.19 per barel. Real Money contributor Mike Norman declared that the drop in oil was over two months ago.
Software company Adobe Systems (ADBE) will be under scrutiny today, headlining Thursday's earnings releases after the closing bell.
Shares of Valeant Pharmaceuticals (VRX) had a volatile day yesterday as the company continues to suffer the fallout of its decision to cut its guidance for this year.
Pharmaceutical delivery company McKesson (MCK) announced that it will cut 4% of its work force, eliminating 1,600 jobs, after the company lost one of its key distributors.
On the flip side, FedEx (FDX) climbed premarket Thursday after the shipping company beat analysts' top- and bottom-line expectations and raised the low end of its full-year earnings guidance.
Williams-Sonoma (WSM) could be under pressure after missing analysts' earnings expectations by $0.03 per share while also falling short on revenues. The company also raised its quarterly dividend 6% to $0.37 per share and authorized a $50 million share buyback program.
Finally, Office Depot (ODP) could get a bid from Amazon (AMZN) as its anti-trust trial with the FTC gets under way, according to the New York Post. Office Depot and Staples (SPLS) are going to trial to prove that their $6 billion merger does not violate U.S. antitrust laws.