Market Hustle: Stock Futures Dip Despite Fall in Jobless Claims
NEW YORK (TheStreet) -- Stock futures were edging lower Thursday as weekly initial jobless claims fell but the four-week moving average increased.
Investors were awaiting a second day of congressional testimony from Federal Reserve Chair Janet Yellen.
- Dow Jones Industrial Average futures were down 9 points, or 5.54 points below fair value, to 16,459 while the S&P 500 futures were down 4 points, or 2.76 points below fair value, to 1,870.25. Nasdaq futures were down 12.5 points, or 10.42 points below fair value, to 3,528.
- Initial jobless claims fell 26,000 to 319,000 in the week of May 3 after an upward revision by 1,000 for the prior week's level. Economists were expecting a claims result of 325,000. The four-week moving average rose by 4,500 to 324,750.
- At 9:30 a.m. EDT, Yellen is set to begin speaking before the Senate Budget Committee in Washington. Yellen's testimony on Wednesday leaned slightly dovish, with new references to downside risks to the growth outlook.
- Philadelphia Fed President Charles Plosser on Thursday underscored his wish to see a systematic approach to policy, during a talk on monetary policy before the Council on Foreign Relations. "Quite simply, I mean conducting policy in a more rule-like manner," Plosser said.
- International markets were higher Thursday as they processed Yellen's remarks from the day before, decisions by the European Central Bank and Bank of England to maintain interest rates at current levels, and encouraging Chinese trade data.
- The FTSE 100 in London was up 0.35% and the DAX in Germany was up 0.25%. The Nikkei 225 in Japan settled up 0.93% and the Hong Kong Hang Seng closed up 0.42%.
- Dish Network (DISH - Get Report) was trading sideways after posting first-quarter earnings that missed by 6 cents at 38 cents a share. Revenue topped estimates. Zillow (Z - Get Report)was gaining 2.26% after reporting quarterly earnings of 2 cents a share vs. an expected loss of 8 cents. Tesla Motors (TSLA) was plunging 8.3% in premarket trading after posting first-quarter results that were worse than expected.
- U.S. stock indices closed mixed Wednesday as tech stocks fell and investors digested remarks from Yellen.
-- By Andrea Tse in New York
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