Stock futures drop as investors look forward to economic data, and Federal Reserve speeches

Stock futures traded lower on Thursday, building on losses from the previous session, as price concerns and a recession weighed on market sentiment.

And futures contracts related to the Dow Jones Industrial Average fell 224 points, or 0.7%. S&P 500 and Nasdaq 100 futures fell 0.7% and 0.9%, respectively.

Wall Street is out of a losing session. The S&P 500 fell 1.56% on Wednesday, its worst day since Dec. 15. The Dow Jones lost more than 613 points, or 1.81%. The heavy Nasdaq Composite fell 1.24%, snapping seven straight days of gains. Bank stocks such as JPMorgan, Bank of America and Wells Fargo plunged, weighing on the broader market.

Disappointing retail sales and a weaker-than-expected PPI reading sparked recession fears, sending stocks lower.

On Thursday, investors will weigh more economic data that could give more clues about how much the Federal Reserve will raise interest rates at its next meeting. In the morning, Initial Jobless Claims, Home Starts, and the Philadelphia Fed Manufacturing Survey will be released. Several central bank leaders, including Federal Reserve Vice Chairman Lyle Brainard, will also speak throughout the day about the path forward.

Investors have been parsing through the latest data and Fed statements for clues about how interest rates are going to rise. But while the latest numbers point to declining inflation, JPMorgan Chase CEO Jamie Dimon thinks rates will exceed 5%.

“I think there’s a lot of underlying inflation out there, and it’s not going away that quickly,” Dimon told CNBC’s “Squawk Box” program from the World Economic Forum in Davos, Switzerland.

Investors will also be watching key quarterly reports to see if there is a slump in earnings. Netflix and Truist Financial are among the companies that reported earnings on Thursday.