May 15 Premarket Briefing: 10 Things You Should Know

Updated from 6:47 a.m. EDT

Here are 10 things you should know for Thursday, May 15:

1. 
-- U.S. stock futures were flat Thursday ahead of a deluge of data and earnings reports from major retailers.

European stocks were little changed after data revealed that the eurozone economy expanded 0.2% quarterly and 0.9% for the year, which was below expectations.

Asian shares ended the session mixed. Japan's Nikkei 225 index fell 0.8%.

2. -- The economic calendar in the U.S. on Thursday includes weekly initial jobless claims at 8:30 a.m. EDT, the Consumer Price Index for April at 8:30 a.m., the Empire State Manufacturing Index for May at 8:30 a.m., industrial production and capacity utilization for April at 9:15 a.m., The Philadelphia Fed Index for May at 10 a.m., and the NAHB Housing Market Index for May at 10 a.m.

3. -- U.S. stocks on Wednesday fell after posting two days of record highs.

The Dow Jones Industrial Average declined 0.61% to 16,613.97, while the S&P 500 fell 0.47% to 1,888.53. The Nasdaq fell 0.72% to 4,100.63. 

4. -- Former Treasury Secretary Timothy Geithner, in the midst of the 2008 financial crisis, maintained in an interview with Jim Cramer that he didn't gift the banks a $185 billion credit line to make money for taxpayers.

"In March of '09, the conventional wisdom in much of elite opinion was that we were going to lose $1 to $2 trillion on the direct cost of the financial rescue, not the cost of the loss of unemployment or wealth, but the direct cost of the financial rescue. But because we did a very forceful creative effort, the taxpayers are going to get a positive return ... and we didn't do it to make money for the taxpayer, we made money to prevent them from having mass unemployment."

Geithner's memoir, "Stress Test," will be published next week. 

5. -- The world's biggest retailerWalmart (WMT), reported first-quarter earnings of $1.11 a share, down from $1.14 a year earlier.

Income from continuing operations was $1.10 a share. The company said bad weather hurt earnings by about 3 cents a share.

Analysts on Wall Street were looking for earnings of $1.15 a share.

Revenue rose 1% to $114.96 billion but came in below forecasts.

Walmart issued a second-quarter earnings forecast below analysts' estimates.

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