Stock futures rebound on Thursday as oil prices slide

U.S. stock futures were higher on Thursday as markets looked to bounce back from two days of losses.

Futures tied to the Dow Jones Industrial Average rose 74 points, or 0.2%. S&P 500 futures and Nasdaq 100 futures climbed 0.3% and 0.5%, respectively.

Stocks were getting a lift as global oil prices fell, with WTI crude and the Brent international benchmark both down about 2% apiece. Prices were sliding on a report Saudi Arabia could raise oil production following EU's ban of 90% of Russian crude. Lower fuel prices would be much-needed relief for a U.S. economy teetering on a recession.

Travel shares which would benefit the most from falling fuel prices led the gains in premarket trading. Shares of American Airlines, Carnival Corp and MGM Resorts were all about 1% higher in early trading.

Those moves came after major indexes posted back-to-back losses on Wednesday. The Dow shed 176.89 points, or 0.5%, on Wednesday. The S&P 500 fell nearly 0.8%, and the Nasdaq Composite retreated 0.7%. The S&P 500 is off 1.4% this week, on pace for its 8th down week in the last 9.

Sentiment was heavy after JPMorgan CEO Jamie Dimon warned that an economic "hurricane" caused by the Federal Reserve and the war in Ukraine is brewing. He said his company is "going to be very conservative with our balance sheet."

Shares of pet retailer Chewy surged after hours by nearly 15% after the company reported strong quarterly results. Apparel retailer PVH also got a lift from earnings, with shares adding around 4%.

Meanwhile, Hewlett Packard Enterprise fell 6% following slight misses on both earnings and revenue.

"The market remained choppy with a negative bias to start the month of June," said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. "Inflation remains a headline concern as underscored by higher oil prices and consumer concerns in the Fed's Beige Book economic report."

Indeed, the central bank's report showed the U.S. has been seeing just "slight or modest" economic growth over the past two months or so.

"Our view is cautious as we close out the second quarter," Haworth added. "Global central bank uncertainty and the pace of tighter monetary policy, still-tight global energy and agriculture markets — which may lead to higher prices still — and headwinds for corporate earnings growth are risks for investors moving forward."

Retail earnings continue this week, with Designer Brands, Lululemon Athletica and RH set to report on Thursday. Big tech names like CrowdStrike and Okta are also on deck.

Investors are also monitoring employment data for insights into how employers and workers are managing inflation. ADP will post data from its national employment report at 8:15 a.m. ET on Thursday, shortly before the Department of Labor releases weekly jobless claims.