This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Market Hustle: Stock Futures Edge Lower as Jobless Claims Rise

Stocks in this article: ^DJI ^GSPC ^IXIC MA XOM GM F

NEW YORK (TheStreet) -- U.S. stock futures were turning slightly lower Thursday as investors digested an increase in jobless claims.

  • Dow Jones Industrial Average futures were down 4 points, or 5.84 points below fair value, to 16,507, while the S&P 500 futures were down 0.25 points, or 0.35 points below fair value, to 1,877.75. The Nasdaq futures were up 6.5 points, or 6.28 points above fair value, to 3,579.8.
  • Jobless claims for the week of April 26 increased 14,000 to 344,000 vs. the average economist's estimate of 320,000. The four-week moving average ticked up by 3,000. March personal income rose 0.5% vs. the expected 0.4%. Personal spending increased 0.9% vs. the estimate of 0.6%.
  • Thursday's full economic roster also includes the Markit PMI manufacturing flash index for April at 9:45 a.m. EDT, the ISM Manufacturing Index for April at 10 a.m., and March construction spending at 10 a.m.
  • Clues on employment conditions in April will be drawn especially from the ISM Manufacturing Index ahead of the monthly employment report scheduled for Friday. The employment index portion of the report is expected by economists to increase to 52.8 from 51.1.
  • Automakers, including General Motors (GM) and Ford (F), are expected to report sales for April throughout the day. Ford is expected to hold a news conference at 9 a.m. to announce chief operating officer Mark Fields as the new CEO.
  • Federal Reserve Chairwoman Janet Yellen was expected to give a speech to the Independent Community Bankers of America in Washington starting at 8:30 a.m.
  • Exxon (XOM) was gaining 0.73% in premarket trading after reporting first-quarter earnings of $2.10 a share vs. the average analyst estimate of $1.88 a share. MasterCard (MA) was adding on more than 1% after posting first-quarter EPS of 73 cents vs. expectations of 72 cents.
  • Stocks closed higher Wednesday afternoon after the Federal Reserve pledged to hold rates for a considerable time after it ends its economic stimulus program, offsetting weaker-than-expected economic growth data. The markets have also been getting a boost from improved first-quarter earnings growth expectations.
  • From a technical perspective, the S&P 500 index has regained its footing after holding above the 1,850 level, according to Sam Stovall, S&P Capital IQ managing director of U.S. equity strategy. "Like an over-tired toddler resisting a nap, the S&P 500 continues to fight rather than surrender to the exhaustive callings of an overdue correction," Stovall said in a note. He said the major indices have also been encouraged by a rebound in S&P 500 first-quarter EPS growth expectations, now at 1.7% vs. the earlier estimate of a 1.2% decline.
  • The FTSE 100 in the U.K. was up 0.25% as the majority of European markets were closed for the May Day holiday.

-- By Andrea Tse in New York

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,903.61 +98.81 0.56%
S&P 500 2,070.35 -0.30 -0.01%
NASDAQ 4,772.4180 +7.0380 0.15%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs