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Market Hustle: Stock Futures Mixed After Upbeat Data; Walmart Declines

NEW YORK (The Street) -- U.S. stock futures were trading mixed Thursday despite a deluge of stronger-than-expected economic data as retailers fell on disappointing earnings. Cisco (CSC) was surging after an upbeat earnings call.

  • Dow Jones Industrial Average futures were down 14 points, or 2.97 points below fair value, to 16,573. S&P 500 futures were off 1.5 points, or 1.38 points below fair value, to 1,883.75. Nasdaq futures were up 0.2 points, or 5.45 points above fair value, to 3,596.5.
  • U.S. weekly initial jobless claims fell 24,000 in the week of May 10 to 297,000, below the average economist estimate of 320,000. This is the lowest level for initial claims since May 12, 2007. The April consumer price index rose 0.3% as expected. The Empire State Manufacturing Survey's general business conditions index jumped eighteen points to 19 for May, its highest level in nearly four years.
  • The economic calendar Thursday also includes April industrial production and capacity utilization figures at 9:15 a.m. EDT Data after the market open will include the Philadelphia Fed's Business Outlook report for May at 10 a.m. and the May National Association of Home Builders Housing Market Index at 10 a.m.
  • In the evening, Federal Reserve Chair Janet Yellen is expected to a give a speech to a Small Business Administration event in Washington. New York Fed Bank President William Dudley is scheduled for a public appearance Thursday morning.
  • Walmart (WMT - Get Report) was declining 2.73% after missing first-quarter earnings expectations by 5 cents at $1.10 a share along with posting disappointing revenue. The company gave a lower-than-expected second-quarter outlook. Kohl's (KS) was down 3.39% after earnings came in shy of consensus estimates. Same-store sales declined by 3.4%. J.C. Penney (JCP) is forecast to report a first-quarter loss of $1.25 a share on sales of $2.71 billion. Cisco was jumping more than 7.5% in premarket trading after reporting fiscal third-quarter earnings that topped analysts' forecasts and the networker said it's eyeing a return to growth.
  • The FTSE 100 and DAX in Germany were both trading sideways after data showed that eurozone growth came in at a much smaller-than-expected 0.2% for the first quarter.
  • U.S. stocks fell Wednesday after markets posted two days of record highs.
  • Despite recent highs for the markets, traders have noted a lack of breadth in upswings, with few individual stocks hitting new highs.
  • "If the S&P 500 fails to extend strongly above 1,900, the bulls may see this as an indication that there is a lack of buyers, which would leave the market vulnerable to a break below 1876-1885, and potentially reignite talk of a significant correction," notes Sam Stovall, managing director at S&P Capital IQ.

-- By Andrea Tse in New York

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