NEW YORK (TheStreet) -- Stock futures dipped Thursday after weekly jobless claims came in higher than expected and monthly producer prices fell at a slightly narrower-than-expected pace.
S&P 500 futures were down 0.1%, Dow Jones Industrial Average futures were flat, and Nasdaq futures slid 0.17%.
Initial jobless claims jumped 19,000 to 316,000 for the week ended Jan. 10, higher than estimates for 295,000. A week earlier, 299,000 people had filed new claims for unemployment benefits, revised upward from 294,000.
December's producer price index fell 0.3%, reflecting the impact of lower gasoline prices, a slightly deeper dip than a 0.2% decrease in November. Economists had expected a drop of 0.4%. Excluding volatile items such as gas, core prices climbed 0.3% compared to an expected 0.1% increase.
U.S. markets were looking pressured earlier after the Swiss National Bank unsettled global markets by scrapping its four-year-old cap on its currency. Switzerland's central bank removed overnight the 1.20 floor against the euro, arguing it was no longer justified. Shortly after the announcement, the franc soared nearly 30% against the euro. The euro is now down around 14% against the franc at $1.0263.
European markets suffered a choppy trading session with Germany's DAX losing 250 points in the minutes after the Swiss National Bank's announcements before bouncing back. The Swiss Market Index plummeted more than 10% as investors fled in favor of "safe haven" assets such as gold and bonds.
Crude oil extended its biggest gain in two-and-a-half years on Wednesday for a second day. West Texas Intermediate had surged Wednesday above $48 a barrel as stock markets trimmed their losses on a better-than-expected economic overview from the FederalReserve.
West Texas Intermediate was up 1.5% to $49.22 a barrel on Thursday morning.
Target (TGT) - Get Target Corporation Report shares jumped more than 7% in premarket trading after the company announced its full exit from Canada. The retailer will shutter 133 stores in the country.
BlackRock (BLK) - Get BlackRock, Inc. Report was slightly higher as quarterly profit beat estimates and the company boosted its dividend by 13%. It also approved the buyback of an additional 6 million shares.
BlackBerryundefined shares were coming back down to earth after soaring nearly 30% Wednesday afternoon on Samsung takeover rumors. The smartphone maker denied reports that Samsung had approached it with an offer. Shares dropped 13.8%.
BP (BP) - Get BP p.l.c. Sponsored ADR Report was down 1.2% in premarket trading after announcing plans to cut 300 of 4,000 jobs at its North Sea business. The cuts were long in the planning but had recently been expedited on falling oil prices.
Adobe (ADBE) - Get Adobe Inc. Report shares spiked 2.1% as its board announced a new $2 billion buyback program through to 2017. The company has been active in repurchasing stock, buying up $689 million over fiscal 2014.
RadioShack (RSH) plummeted nearly 20% before the bell on reports it could file for bankruptcy as early as next month. The electronics retailer had depleted cash reserves following a failed turnaround attempt, according to the Wall Street Journal.
--Written by Keris Alison Lahiff in New York.