U.S. stock index futures pointed to a flat to slightly higher opening Thursday after the European Central Bank kept rates unchanged and ahead of ECB President Mario Draghi's press conference.
Peter Boockvar, chief market analyst at The Lindsey Group, said while the decision was expected, U.S. futures were tracking European stocks higher ahead of Draghi's speech. "We know it will be dovish," he said.
Dow futures traded about 4 points higher after earlier falling 100 points in pre-market trade as concerns surrounding global growth, uncertainty in China and fresh lows in oil prices continued to grip markets.
The euro held near $1.09. Treasury yields traded lower, with the 2-year yield near 0.80 percent and the 10-year yield at 1.96 percent, as of 8:11 a.m. ET.
U.S. stocks were set to stabilize after the S&P 500 and Nasdaq composite closed Wednesday at levels not seen since 2014.
European stocks tried for slight gains Thursday. While no new major policy changes were expected from the ECB, markets will be looking for dovish signs from the central bank chief.
U.S. crude oil remained under pressure on Thursday after hitting fresh lows not seen since 2003 Wednesday, as markets anticipate that the persistent oversupply issues will continue to weigh on markets.
Early on Thursday, front-month West Texas Intermediate (WTI) crude was more than 1 percent lower below $28 a barrel, while internationally traded Brent also fell more than 1 percent to trade near $27.50 a barrel.
"While low oil prices have never provoked a U.S. recession, cheaper crude has not yet provided the expected boost to the U.S. consumer. Fears of a China hard landing have made global markets acutely sensitive to even minor policy changes or slight disappointments in markets and data. The correlation between the Shanghai and U.S. equity markets has soared, and the recent correction can be traced to a modest 1.5 percent devaluation of the Chinese yuan versus the U.S. dollar," said chief investment officer at UBS Wealth Management, Mark Haefele.
