NEW YORK (TheStreet) -- U.S. stock futures turned lower Wednesday as jobless claims disappointed and personal income and spending came in just below estimates.
The Labor Department said jobless claims for the week ended Nov. 22 were 313,000, above 300,000 for the first time since September and higher than economists' estimates of 288,000. The number of U.S. citizens filing for unemployment benefits came in above estimates for the second consecutive week.
However, in a sign that the labor market continues to tighten, the less-volatile four-week moving average gauge remained below 300,000 for its 11th consecutive week.
Personal income in October gained 0.2% compared to a 0.2% increase a month earlier, while consumer spending climbed 0.2% compared to a flat reading in September. Economists surveyed by Bloomberg expected consumer spending to have increased 0.3% in October with personal income up 0.4%.
Durable goods came in better than expected with orders placed with domestic manufacturers in October climbing 0.4%. Analysts expected a slight decline of around 0.5%. A month earlier, new orders slipped 1.1% after tumbling 18.3% in August.
U.S. stock futures turned lower following the data releases. S&P 500 futures were down 0.07%, Dow Jones Industrial Average futures slipped 0.08%, and Nasdaq futures hovered at the flatline.
European markets were higher after Vitor Constancio, European Central Bank vice president, said the ECB will be able to determine whether to begin buying sovereign bonds by the first quarter of 2015. Last week, the bank said it had initiated the purchase of bonds and asset-backed securities to stimulate growth in the region.
Oil prices were in focus as the Organization of Petroleum Exporting Countries arrives for a meeting in Vienna to determine whether to restrain oil production for the first time since December 2008. West Texas Intermediate crude tanked 2.5% to fall below $74 a barrel on Tuesday as individual talks between Saudi Arabia, Venezuela, Russia and Mexico failed to produce a solution.
Deere (DE) shares were down more than 2% after quarterly revenue fell 5% to $8.97 billion. Hewlett-Packard (HPQ) dropped nearly 0.8% as fourth-quarter sales marked their 12th decline in the last 13 quarters.
China-based travel site Ctrip.com (CTRP) tanked nearly 11% after management gave forecasts for 30% growth in the fourth quarter, below consensus of 32.5%.
Hertz (HTZ) shares were up 1% after activist investor Carl Icahn disclosed an increased stake of 49.3 million shares, up from a previous holding of 38.8 million.
Analog Devices (ADI) added 4.3%. The company provided first-quarter earnings guidance as high as 64 cents a share, 2 cents above analysts' forecasts.
--Written by Keris Alison Lahiff in New York.