U.S. stock futures were marginally higher early Thursday morning as once again investors await data on the economy to give them direction. Several deals and earnings are also in the spot light this morning.U.S. stocks received a boost Wednesday from lower-than expected inflation numbers, given extra credence by the fall in crude-oil prices. While most companies reporting earnings Wednesday didn't proved good news, a smaller-than-forecast loss for Freddie Mac helped lift sentiment. The Dow industrials rose 66 points, or 0.52%, the S&P 500 rose 6 points, or 0.40%, and the Nasdaq Composite edged up more than a point, or 0.06%.
This morning, more inflation data is due out. Consumer level inflation reported Wednesday managed to surprise the Street, but can the economic releases today do the same?
At 8:30 a.m., weekly initial jobless claims will be released, as well as May NY Empire State Index.
At 9:00 a.m., March Net Foreign Purchases will be reported to be followed some time later with April capacity utilization and industrial production.
At 10:00 a.m., after the market opens, the Philadelphia Fed index is due and is expected to show another decline.
Finally, a housing index is also due today.
Meanwhile, despite recent signs of a global slowdown, in Europe, economic growth accelerated more than forecast in the first quarter thanks to the strongest German expansion in 12 years. This data would seem to support the European Central Bank more hawkish stance and its decision to keep rates unchanged in an attempt to stall inflation, which Trichet, the ECB president, more than once mentioned as a global risk.
On the corporate side, The Wall Street Journal reported late Wednesday that General Electric (NYSE: GE) plans to sell its appliance division for between $5 billion and $8 billion
Meanwhile, billionaire activist investor Carl Icahn decided to try and overtake Yahoo Inc. (NASDAQ: YHOO)'s board, to at least scare it into action and revive negotiations with Microsoft Corp. (NASDAQ: MSFT). Icahn has lined up a slate of 10 directors to nominate as replacements.
Among companies reporting today are Blackstone Group (NYSE: BX), Blockbuster (NYSE: BBI) and several retailers: Nordstrom (NYSE: JWN), Kohl's Corp. (NYSE: KSS) and J.C. Penney (NYSE: JCP).
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