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A better than expected drop in jobless claims and a sharp decline in import prices gave a little help to stock index futures , though the market is still likely to open considerably lower.
Investors who continued to fret about a slowdown in economic growth after the minutes of the June 20 meeting of the Federal Reserve’s interest rate setting committee showed no appetite among committee members for a resumption of quantitative easing.
Instead the minutes showed the Fed was keen to continue with Operation Twist , its policy of trading shorter term bonds for longer-dated treasurys as a way of injecting liquidity into the economy.
Asian and European shares all fell overnight in response to the lack of Fed policy action.
Meanwhile, Japan's Nikkei share average posted its biggest fall in over a month after the Bank of Japan only offered minor tweaks to its easing strategy.
Infosys made a deeper-than-expected cut to its sales forecast on Thursday as global economic uncertainty took a toll on tech spending, sending its shares down 10 percent and slamming hopes for a second-half recovery.
The prevailing dim global economic climate, competition for a bigger share of the outsourcing business and sharp currency fluctuations have slowed the pace of growth for Indian outsourcing companies and in recent quarters Infosys has been underperforming key rivals.
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