Economists surveyed by FactSet expect that weekly unemployment benefit applications ticked up by 1,000 to a seasonally adjusted 375,000.
Dow Jones industrial average futures are down 87 points to 12,449. Standard & Poor's 500 futures are down 10.3 points to 1,326 and Nasdaq futures are sliding 15.25 points to 2,546.25. All three futures reading are down about 2 percent for the week.
The government releases the latest federal budget deficit figures Thursday afternoon and projections suggest the U.S. added another $60 billion to the deficit in June.
Google Inc. posts second-quarter earnings after the closing bell.