This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Market Hustle: Stock Futures Trim Gains After GDP, Jobless Claims Data

NEW YORK (TheStreet) -- Stock futures were trimming gains Thursday following mixed economic reports that showed a drop in initial jobless claims and lower-than-expected fourth-quarter GDP.

  • Futures for the S&P 500 were trading 0.11 points below fair value to 1,844.5 while futures for the Dow Jones Industrial Average were up 14.01 points over fair value to 16,201. Futures for the Nasdaq were up 1.16 points over fair value to 3,574.5.
  • U.S. initial jobless claims fell 10,000 to 311,000 in the week ended March 22 vs. expectations of 325,000. The four-week moving average also dropped, down 9,500. The fourth-quarter GDP estimate came in at 2.6% compared with expectations of 2.7%.
  • The International Monetary Fund has agreed to provide between $14 billion to $18 billion to Ukraine in an economic reform program. Contributions from other donors could see aid reach $27 billion over the coming two years. But Ukraine must meet requirements before approval of the package, such as reforming its energy sector and putting more controls around its exchange rate. President Obama has warned of further sanctions for Russia even if it does not make further moves into Ukraine.
  • Stocks expected to see price action Thursday include Citigroup (C - Get Report) after its capital plan was rejected by the Federal Reserve due to insufficient progress in risk-management. Other banks which had plans rejected included the U.S. arms of HSBC (HSBC), Royal Bank of Scotland (RBS), Santander (SAN) and Zions Bancorp (ZION).
  • Lululemon (LULU) shares were sliding 2.03% in premarket trading after projecting lower-than-estimated first-quarter earnings and revenue, and a fourth-quarter same-store sales slip of 2%. The company beat on the top and bottom lines for the fourth quarter, with earnings topping expectations by 3 cents at 75 cents a share.
  • In other corporate news, Yum! Brands (YUM) announced that KFC China has launched a new menu at its nearly 4,600 restaurants in more than 900 cities in this key market as it emerges from widespread concerns about the safety of its food. "The announcement marks the next phase of the company's aggressive and comprehensive restage of the KFC brand in China," Yum! said in a statement. Amazon (AMZN - Get Report) is slashing prices on the majority of its cloud offerings beginning April 1, with reductions of up to 65% in response to steep cuts detailed by competitor Google (GOOG) the day before.
  • International markets were mixed amid speculation over sanctions for Russia. Germany's DAX was rising 0.06% while the FTSE in London was off 0.46% despite national retail sales growing at a stronger-than-expected 1.7% on the month in February and 3.7% over the year. In Asia, the Hang Seng closed down 0.24% while the Nikkei gained 1.01%.
  • Markets closed lower Wednesday as investors shirked pushing stocks to new highs in the absence of strong catalysts.

-- Written by Jane Searle and Andrea Tse in New York

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AMZN $481.02 -1.50%
C $36.98 -2.20%
AAPL $94.84 -0.18%
FB $98.77 -0.98%
GOOG $676.34 -0.94%


Chart of I:DJI
DOW 15,958.80 -68.25 -0.43%
S&P 500 1,841.01 -12.43 -0.67%
NASDAQ 4,241.94 -41.8130 -0.98%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs