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Luke KawaThe Globe and Mail

The Before the Bell report is updated throughout the premarket to reflect the latest news developments and market moves. Check back later for updates.

U.S. equity futures are trading decisively lower this morning, poised to extend Wednesday's large losses, as global traders start to question market valuations in the face of not exactly robust recent U.S. economic data.

"For the most part of this year the consensus view has been, and to some extent still is, that the U.S. economy is in pretty good shape with robust jobs growth, helping propel a recovery that sets it apart from its peers," writes Michael Hewson, chief market analyst at CMC Markets. "This rather rose tinted view has taken somewhat of a knock in the past few days with a raft of disappointing data announcements, and yesterday's durable goods numbers for February did nothing to dispel these concerns."

Meanwhile, geopolitical uncertainty has pushed West Texas Intermediate futures above $50 per barrel (U.S.). Saudi Arabia has launched air strikes in Yemen in an attempt to push back rebel forces and support the government. While Yemen is not a particularly large oil producer, the southwest tip of the nation borders  the world's fourth-largest shipping chokepoint by volume - the Bab el-Mandeb.

S&P/TSX 60 futures are a touch negative ahead of the open; the index could outperform Wall Street today though as the energy sector is set to rally.

A speech from Bank of Canada Governor Stephen Poloz in London this morning has the potential to roil foreign exchange and bond markets.

The strengthening euro and higher oil prices have derailed the rally in European equities, with most major bourses giving back much ground.

Asian indexes were mixed, with the Nikkei enduring a hefty loss while Chinese stocks rebounded.

Here's a look at the latest market numbers and other highlights ahead of the trading day.

Futures:

S&P 500 -0.6 per cent; Dow -0.63 per cent; Nasdaq -0.99 per cent

Equities:

Hong Kong's Hang Seng -0.15 per cent

Shanghai composite index +0.58 per cent

Japan's Nikkei -1.39 per cent

London's FTSE 100 -1.26 per cent

Germany's DAX -1.53 per cent

France's CAC 40 -1.37 per cent

Stoxx 600 -1.46 per cent

Commodities:

WTI crude oil (Nymex May) +4.47 per cent at $51.41 (U.S.) a barrel

Natural gas (Nymex May) -0.18 per cent at $2.74

Gold (Comex Apr) +0.83 per cent at $1,208.00 (U.S.) an ounce

Copper (Comex May) +1.76 per cent at $2.841 (U.S.) a pound

Currencies:

Canadian dollar at 80.48 (U.S.), up 0.0061

U.S. dollar index down -0.451 at 96.528

Bonds:

U.S. 10-year Treasury yield 1.9198 per cent, down 0.0052

ECONOMIC INDICATORS:

U.S. initial jobless claims last week came in at 282,000, below economists' expectations of 295,000.

(915 a.m. ET) Bank of Canada Governor Poloz speaks at the Canada-UK Chamber of Commerce in London, UK. Press conference to follow.

Alberta and Quebec release provincial budgets.

STOCKS TO WATCH:

Lululemon Athletica Inc. forecast a weaker-than expected first quarter profit, months after it said margins would trough in 2015 as it continues to invest in improving quality and solving supply-chain problems. Shares are down 3 per cent in premarket trading.

Conagra reported Q3 EPS of 59 cents U.S. vs. the estimated 52 cents.

Other earnings today include: Aura Minerals, BioteQ Environmental, DirectCash, Hardwoods Distribution, Lake Shore Gold, Legumex Walker, Partners REIT, Retrocom REIT,

ANALYST ACTIONS:

Canadian National Railway Co. was upgraded to "outperform" from "market perform" by Cowen and Company.

Dr Pepper Snapple Group Inc. was raised to "buy" from "hold" at Stifel.

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