Oil drops; Verizon reports; U.S. futures rise

premarket thursday
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1. Oil trouble: It looks like major oil producers have something to worry about.

Investors have been spooked by data from the U.S. Energy Information Administration released Wednesday that showed crude oil production in the country is at its highest level since June 2015.

The unexpected jump in supply suggests that major producers may have a tough time vanquishing the glut of oil in global markets that has prevented prices from rising.

U.S. crude futures fell more than 4%, or $2 per barrel, to just above $50 on Wednesday.

OPEC and other major producers have cut production in order to support prices, and they are talking about extending the cuts further. OPEC representatives met Thursday at a conference in Abu Dhabi.

Increased U.S. crude production could hamper their efforts.

Oil gained some of the losses back on Thursday, trading just above $51 per barrel.

2. Verizon results: Verizon (VZ) is set to release its results before the opening bell on Thursday.

Investors will be looking for confirmation of its Yahoo takeover timetable. Despite two massive security breaches that threatened the deal, Yahoo said this week its takeover by Verizon will be completed in June.

Yahoo and AOL are expected to form a new company under Verizon called Oath this summer.

3. Markets overview: U.S. stock futures were higher on Thursday.

The Dow Jones industrial average slipped more than 110 points for a second day in row on Wednesday, a decline of 0.6%.

The S&P 500 closed 0.2% lower, while the Nasdaq gained 0.2%.

European markets opened mostly higher on Thursday, while markets in Asia ended the session mixed.

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4. Stock market movers -- Qualcomm, American Express, eBay: Qualcomm (QCOM) shares were higher premarket after company earnings released Wednesday topped expectations.

American Express (AXP) were also moving higher before the bell after the firm posted better than expected first quarter results.

Shares in eBay (EBAY) were 2% lower premarket after the company issued a disappointing revenue forecast.

5. Earnings: Phillip Morris International (PM) and IMAX (IMAX) are set to release earnings before the open Thursday, while Visa (V) and Mattel (MAT) will publish earnings after the close.

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6. Coming this week:

Thursday - Mattel (MAT) earnings report
Friday - U.S. release of Samsung's (SSNLF) Galaxy S8