Futures are lower

Stock futures are lower and the dollar is getting crushed again on Thursday morning.

Near 8:50 a.m. ET, Dow futures were down 120 points, S&P 500 futures were down 16 points, and Nasdaq futures were down 37 points, all by close to 1%.

The moves lower follow some huge swings in markets yesterday, as the Dow made a ~400-point intra-day move.

The dollar is getting slammed again. On Wednesday, it suffered its biggest loss in seven years. And this morning, the dollar index, which measures the greenback against a basket of other major currencies, slid nearly 1% to about 96.27, the lowest level in over three months.

On Wednesday, stocks and the dollar lost some momentum after data on the services sector showed that it slowed to start the year. And as the most important part of the economy, some economists commented that the services slowdown was cause for concern about the bigger picture, and how quickly the Federal Reserve raises interest rates.

Meanwhile, gold was rallying, up 1% or $13.20 an ounce to as high as $1,155.70.

US treasuries continued to see strong demand as their yields fell. The 10-year note yield dropped to as low as 1.865% this morning. This week, it has fallen to the lowest levels in about one year.

In economic data, initial jobless claims were reported at 285,000 for last week, more than expected. This is the final labor-market release ahead of the jobs report on Friday morning, which is forecast to show a slowdown in the pace of jobs creation during January.

Data on factory and durable goods orders are due at 10:00 a.m. ET.