5 Things You Should Know Before the Stock Market Opens - TheStreet

NEW YORK (

TheStreet

) -- U.S. stock futures were pointing lower Thursday as European leaders meet for the umpteenth time in an effort to rein in the region's debt crisis.

Expectations for the European Union summit that starts Thursday are low, according to experts, who say the creation of a common eurobond is the answer to debt problems afflicting certain euro nations. Germany, however, has been reluctant to back the idea.

European shares were lower, while Asian stocks ended trading mixed on Thursday. Japan's Nikkei 225 rose 1.7% to close at 8,874.11.

On Wednesday,

U.S. stocks

finished with solid gains, buoyed by better-than-expected reports on durable goods orders and pending home sales.

The economic calendar in the U.S. Thursday features weekly initial and continuing jobless claims at 8:30 a.m. ED and the third estimate of first-quarter gross domestic product also at 8:30 a.m.

Economists are calling for initial claims to tick down to a still-elevated 385,000 from 387,000 in the prior week, according to

Briefing.com

. GDP is expected to remain at 1.9%.

The Supreme Court Thursday morning is expected to issue its verdict on President Barack Obama's health care overhaul.

If Obamacare is reversed,

health insurers

don't necessarily stand to benefit, said analysts who follow the industry.

Many aspects of the law that are negative for insurers -- such as minimum medical loss ratios, state scrutiny of premium increases and cuts to Medicare reimbursements -- could be put back in place by legislators after the law is thrown out, said Morningstar analyst Matthew Coffina.

JPMorgan Chase's

(JPM) - Get Report

$2 billion trading loss related to hedging could total as much as $9 billion,

The New York Times

reported, citing people who have been briefed on the situation.

CEO Jamie Dimon estimated last month that losses from the bad bet on credit derivatives could double within the next few quarters. But the losses have been mounting in recent weeks, as the bank has been unwinding its positions, the

Times

reported, according to interviews with current and former traders and executives at the bank.

The

Times

said JPMorgan is now out of more than half of the trade and may be completely free this year.

JPMorgan will disclose part of the total losses on the hedging bet on July 13, when it reports second-quarter earnings.

The board of

News Corp.

unanimously approved a plan to split the media giant into two, separating its entertainment operations from its smaller publishing business,

The Wall Street Journal

reported, citing a person familiar with the situation.

The split is expected to be formally announced early Thursday morning, said the

Journal

, which is the flagship newspaper of News Corp.

The entire process is expected to take about a year, and the board must give final approval to the plan, the

Journal

said.

News Corp. confirmed on Tuesday that it was considering splitting the company in two -- one company will house entertainment businesses like 20th Century Fox, Fox broadcast network and Fox News Channel, while the other would house the publishing assets, which include the

Journal

and HarperCollins book publishing.

-- Written by Joseph Woelfel

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Joseph Woelfel

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