Updated from 7:01 a.m. EDT
Stocks were poised for a decent bounce early Thursday as traders looked to corporate earnings for a route out of the thicket.
Index futures recently showed the
trading 4 points above fair value, while the Nasdaq 100 was set for a 1-point gain. The 10-year Treasury bond continued to slip, however, losing 2/32 in price to yield 5.16%, while the dollar fell against the yen and euro.
Stocks plunged Wednesday, with the
Dow Jones Industrial Average
suffering its worst single-day point loss in three years, as a hot reading on consumer-level inflation raised the prospects for another
rate hike. The Dow has now shed 3.7% since threatening its all-time high a week ago.
For Wednesday's session, the Dow lost 214 points, or 1.9%, to 11,205; the S&P 500 plunged 22 points, or 1.7%, to 1270; and the
shed 33 points, or 1.5%, to 2196, losing ground for a seventh straight session. In other sectors, the Dow transports plunged 2.7%, while the NYSE Finances index lost 2.5%.
Nearly every market reacted to Wednesday's consumer price index, including commodities, where metals and crude prices tumbled. Those trends remained in place Thursday, as gold shed $3.10 to $688.70 an ounce, silver lost 18 cents to $13.06, and front-month crude fell 16 cents to $68.50 a barrel. Copper rose 6 cents to $3.74 a pound.
Overseas markets were mixed, with London's FTSE 100 recently up 0.1% to 5682 and Germany's Xetra DAX gaining 0.4% to 5675. In Asia, Japan's Nikkei fell 1.4% overnight to 16,087, while Hong Kong's Hang Seng tumbled 2.1% to 16,267.
Investors will see earnings from
On the economic docket are first-time jobless claims, the index of leading indicators, and the Philly Fed index for May. The latter is expected to show a slight month-on-month decline, to 12 from April's 13.2.
Among companies reporting Wednesday night,
said first-quarter sales rose 63% from a year ago, topping estimates, but the shares eased as pro forma earnings of 4 cents a share only matched forecasts.
swung to a loss of $1.4 million, or 3 cents a share, as weak demand for its men's fashion continued to take a toll. Sales rose 3% to $154 million.
reported adjusted first-quarter earnings of $46.7 million, or 12 cents a share, beating estimates by 2 cents. License revenue rose 14% from a year ago to $132.4 million, topping the $129 million Street estimate.
posted third-quarter earnings of $298.6 million, or $1.68 a share, little changed from a year ago despite a 14% rise in sales. Adjusted for stock options and other items, earnings of $1.79 a share topped estimates.
Away from earnings,
priced 25 million initial shares at $17 apiece, the high end of its expected range. The deal will raise $393 million for the company, most of which will be used to pay down a credit line and for general corporate purposes. And
said it will sell $2.5 billion of bonds for general purposes.
To view Ana Dane's video take on today's premarket action, click here