U.S. equity futures have swung between gains and losses in the early hours of Thursday.

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The major futures indexes are looking at a decline of 0.7 percent .

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New coronavirus cases in the U.S. climbed to their highest level in two months, dimming investors' hopes for a relatively quick economic turnaround.

Fresh reports will also dictate the direction of the trading day.

The Labor Department is expected to say the number of claims for unemployment benefits fell for the 12th week in a row to 1.3 million, down from 1.508 million the prior week. Since the coronavirus lockdowns were initiated back in mid-March, 45.74 million people have filed jobless claims.

The May durable goods report will also get lots of attention. New orders for manufactured big-ticket items are expected to jump 10.9 percent, a major rebound from April’s 17.7 percent.

The Commerce Department  will also issue the third and final reading of first quarter gross domestic product. Economists surveyed by Refinitiv are looking for a 5 percent contraction, unchanged from the second estimate a month ago.

QUARTER OF WORKFORCE VULNERABLE TO SEVERE CORONAVIRUS ILLNESS

In Asia, Tokyo's Nikkei 225 fell 1.2 percent. Markets in Hong Kong and Shanghai were closed for holidays.

In Europe, London's FTSE is off 0.1 percent, Germany's DAX is gaining 0.5 percent and France's CAC is adding 0.5 percent.

TickerSecurityLastChangeChange %I:DJIDOW JONES AVERAGES25287.92-158.02-0.62%SP500S&P 5003045.18-5.15-0.17%I:COMPNASDAQ COMPOSITE INDEX9906.898421-2.27-0.02%

On Wednesday, the S&P 500 fell 2.6 percent, giving back all of its gains for the month. The selling followed a skid in European stock indexes. It accelerated on news that New York, New Jersey and Connecticut will require visitors from nine states with high infection rates to quarantine for 14 days.

The Dow Jones Industrial Average lost 2.6 percent and the Nasdaq, which was coming off its second all-time high this week, shed 2.2 percent.

Despite shedding its gains for June, the S&P 500 still is on pace for its best quarter since the fourth quarter of 1998.

In energy trading, benchmark U.S. crude is lower by 51 cents at $37.50 per barrel in electronic trading on the New York Mercantile Exchange. It slid 5.8 percent to settle at $38.01 a barrel on Wednesday.

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Brent crude, the international standard, slipped 32 cents to $39.99 per barrel. It fell 5.4 percent to close at $40.31.

The Associated Press contributed to this article.

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