Futures on the S&P/TSX index were down 0.5% at 7:00 a.m. ET.

Crude oil prices edged lower on concerns that more monetary tightening by the U.S. Federal Reserve could squeeze demand. [O/R]

Bullion prices were also down as high interest rates dimmed appeal for the low-yielding asset. [GOL/]

The Bank of England, Norway central bank and the Swiss National Bank have all raised interest rates on Thursday, adding to worries of prolonged tightening in monetary policy across major economies.

According to analysts, minutes from the Bank of Canada's (BoC) policy meetings, released on Wednesday, made it clear that it was likely to raise rates again next month as economic data showed growth and inflation were stronger than expected.

Markets now focus on the second day of Fed Chair Jerome Powell's congressional testimony at 10:00 a.m. ET.

Company-wise, mining firm Algoma Steel Group posted a bigger-than-expected loss for the fourth quarter.

The Toronto Stock Exchange's S&P/TSX composite index closed at a three-week low on Wednesday.

Dow e-minis were down 113 points, or 0.33%, at 7:00 a.m. ET, while S&P 500 e-minis were down 14 points, or 0.32%, and Nasdaq 100 e-minis were down 65.75 points, or 0.44%. [.N]

COMMODITIES AT 7:00 a.m. ET

Gold futures: $1,930.4; -0.3% [GOL/]

US crude: $71.24; -1.79% [O/R]

Brent crude: $75.73; -1.89% [O/R]

U.S. ECONOMIC DATA DUE ON THURSDAY

Weekly jobless claims due at 8:30 a.m. ET

May existing home sales due at 10:00 a.m. ET

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report [.TO]

Canadian dollar and bonds report [CAD/] [CA/]

Reuters global stocks poll for Canada

Canadian markets directory

($1 = 1.3144 Canadian dollars)

(Reporting by Johann M Cherian in Bengaluru; Editing by Shilpi Majumdar)