US futures fell on Thursday, pointing to steepening selling pressure, after Jerome Powell provided a “highly uncertain” economic outlook.

The Federal Reserve chairman reiterated that the economic recovery will require additional fiscal stimulus from Congress and would highly depend on how the ongoing coronavirus pandemic is controlled.

The bank also announced that rates will remain near zero until 2023.

Meanwhile, the White House signaled that it is willing to increase its offer in talks with Democrats, and that Senate Republicans should go along in order to seal a stimulus deal in the next week to 10 days.

Congress had previously been deadlocked on the next aid package.

Ahead, today's economic calendar includes; Weekly Jobless Claims, Philadelphia Fed Manufacturing for September and Building Permits
for August at 8:30am EST.

TODAY'S TOP HEADLINES
Economy: Fed Sets Higher Hurdles for Rate Increase. (The WSJ)
The Fed set a higher bar to raise interest rates and signalled to hold interest rates near zero for at least three more years, until 2023.

ECONOMIC CALENDAR
Today's Economical Announcements.
08:30AM - ★★★ - Weekly Jobless Claims (Previous: 884,000)
08:30AM - ★★★ - Philly Fed Manuf. (Sep) (Previous: 17.2)
08:30AM - ★★★ - Building Permits (Aug) (Previous: 1.483M)

STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Snowflake (SNOW): [NEWS] Snowflake dropped more than 6% after the cloud company’s shares more than doubled at its market debut on the New York Stock Exchange. The initial public offering marked the largest software debut ever.

Tesla (TSLA), Apple (AAPL), Amazon (AMZN): [NEWS] Tech stocks are set to resume their recent sell-off with the FANG block all declining.

Eastman Kodak (KODK): [NEWS] An independent review found the company didn’t break any laws related to its disclosure of a $765 million loan from the US government to help produce drug ingredients.

Moderna (MRNA): [NEWS] CEO Stephane Bancel said it should have enough data from its late-stage trial to know whether its coronavirus vaccine works in November. Separately, the company announced a collaboration with Vertex Pharmaceuticals (VRTX) to develop a treatment for cystic fibrosis.

CVS Health (CVS): [RATING] Piper Sandler initiated the drugstore chain with an “overweight” rating. The Wall Street firm said CVS is “well positioned to transform health care access, quality, reduce costs.” The stock is down more than 20% this year.

Penn National Gaming (PENN): [REVIEW] Stifel hiked its price target on the sports-betting company to a Street high of $85 per share, representing a 25% gain from here.

MOMENTUM STOCKS
GAINERS: INO, GOGO, APPS
DECLINERS: SYNH, ILMN, ANGI, BWA, CYRX

TODAY'S IPOs
(AHACU) Alpha Healthcare Acquisition (Price: 10) (Est. Vol: $100.0M)
(AMWL) American Well (Low: 14, High: 16) (Est. Vol: $525.0M)
(BNL) Broadstone Net Lease (Low: 17, High: 19) (Est. Vol: $603.0M)
(DYN) Dyne Therapeutics (Price: 19) (Est. Vol: $232.8M)
(OACB.U) Oaktree Acquisition (Price: 10) (Est. Vol: $225.0M)
(PTVE) Pactiv Evergreen (Low: 18, High: 21) (Est. Vol: $800.0M)
(RTP.U) Reinvent Technology Partners (Price: 10) (Est. Vol: $600.0M)
(SUMO) Sumo Logic (Low: 17, High: 21) (Est. Vol: $281.20M)
(VTRU) Vitru (Low: 22, High: 24) (Est. Vol: $258.3M)

WE WILL SHOW YOU THE WAY!