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US stock futures lower ahead of ADP jobs data

US stock futures retreated alongside the dollar on Thursday as investors await data on trade and private sector hiring and the recent rally in technology stocks show signs of faltering again.

With 90 minutes to go before the markets open, Nasdaq 100 futures are down more than 1 per cent while those for the S&P 500 and the Dow Jones Industrial Average dropped 0.5 and 0.4 per cent respectively.

The moves come a day after minutes from the Federal Reserve’s June monetary policy meeting showed that policymakers are ready to move ahead with plans to tighten monetary policy.

They also come ahead of a flurry of US economic data, including ADP June jobs figures and May trade trade balance which could further strengthen the Fed’s case for rate hikes.

The record of the meeting on June 13-14 showed the Fed in a hawkish mood and the report also weighed on US Treasuries and the dollar. Yield on the 10-year note was up 5.3 basis points at 2.377 per cent while the dollar fell 0.3 per cent.