Wall Street was facing a lower open Thursday as traders were greeted with a host of earnings from names like

Nortel

( NT) and

Tyco

(TYC)

, along with the monthly crush of chain-store sales.

S&P 500

futures were trading 4 points below fair value, and the Nasdaq 100 was looking at a 7-point decline. The 10-year Treasury was down 2/32 in price to yield 4.97%, and the dollar rose against the euro but slipped vs. the yen.

Overseas, markets were mixed. Asia was mostly higher, with Japan's Nikkei up fractionally to 15,470 and Hong Kong's Heng Seng ticking higher by 0.1% to 17,048. European shares fell. Germany's Xetra DAX gave up 1.3% to 5608, and London's FTSE dropped 1.5% to 5846 after the Bank of England and European Central Bank both raised their key rates by 25 basis points.

Back in the U.S., the first Thursday of the month means retail sales. Among the chains already reporting,

Pier 1 Imports

(PIR) - Get Report

said same-store sales for July dropped 14.9%. Total sales slid nearly 13% to $113.1 million.

Pacific Sunwear

(PSUN)

, an apparel seller, cut its forecast for the second quarter after posting weaker-than-expected sales in July. The company now believes it will earn 14 cents to 15 cents a share for the quarter, well short of the 20-cent consensus estimate. Last month's same-store sales declined 10.6% and total sales fell 5% to $102.4 million.

At warehouse retailer

Costco Wholesale

(COST) - Get Report

, July same-store climbed 7%. Total sales jumped 11% to $4.48 billion.

On the earnings front, Canadian telecom gearmaker Nortel earned $366 million, or 8 cents a share, in the latest quarter. A year ago, Nortel lost $33 million, or 1 cent a share. Revenue rose to $2.74 billion from $2.38 billion a year ago. Analysts were looking for a profit of 1 cent a share and revenue of $2.8 billion.

To view Farnoosh Torabi's video take on today's market, click here

.

Tyco's third-quarter earnings fell to $868 million, or 42 cents a share, from $1.19 billion, or 56 cents a share, a year ago. Revenue rose to $10.5 billion from $10 billion.

For the quarter ended June 30,

CBS

(CBS) - Get Report

made $490 million, or 64 cents a share, from continuing operations. Last year's continuing operations profit was $380 million, or 47 cents a share. Before items, CBS earned 50 cents a share, in line with the Thomson Financial estimate. Revenue fell 1% from a year ago to $3.48 billion.