NEW YORK (TheStreet) -- U.S. stock futures were suggesting a mixed open for Wall Street Thursday on fears the European debt crisis was spreading.
European stocks were trading lower after 10-year Spanish bond yields topped 7%, the rate that led Greece, Portugal and Ireland to seek financial bailouts. Moody's downgraded Spain's sovereign debt three notches to Baa3, just one notch above "junk" status, from A3. In Italy, borrowing costs soared at an auction of €4.5 billion of new debt.
Asian stocks finished lower on Thursday. Japan's Nikkei 225 index slipped 0.2% to close at 8,568.89.
In the U.S. on Wednesday, stocks lost ground amid the worries over instability in the eurozone. The Dow Jones Industrial Average fell 77 points, or 0.62%, to close at 12,496.
The economic calendar in the U.S. Thursday features weekly initial and continuing jobless claims and the consumer price index for May, both at 8:30 a.m. EDT. Economists are calling for initial claims to come in at 375,000, according to Briefing.com, a bit lower than last week.
Nokia (NOK), the Finnish handset maker, plans to cut 10,000 jobs globally and close plants by the end of 2013 in an effort to save costs. Nokia said Thursday it plans to close its core manufacturing plant in Finland, and shut other research and development projects. The company also said its second-quarter loss from its smartphones business would be larger than expected. Nokia said it would record additional restructuring charges by the end of next year of about €1 billion.
Kroger (KR) , the supermarket operator, is expected by analysts Thursday to post fiscal-first-quarter earnings of 72 cents a share on revenue of $29.15 billion. Smithfield Foods (SFD) , the meat processor, is expected by analysts to post quarterly earnings of 53 cents a share on revenue of $3.26 billion.
Foreclosure filings in the U.S. rose by 9% in May from a month earlier to 205,990 total properties, according to RealtyTrac. The figure, however, is down 4% from a year earlier, RealtyTrac noted. -- Written by Joseph Woelfel
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