U.S. stock futures were mixed to lower Thursday morning, indicating Wall Street could have yet another slow start despite J.P. Morgan Chase (NYSE: JPM) beating analyst earnings estimates and Nokia (NYSE: NOK) meeting them. Some housing data will also be in focus this morning, as is news of General Growth Properties (NYSE: GGP) filing for Chapter 11.[Update 8:50 am: Futures turned higher despite housing data coming in lower than expected housing starts and building permits, as well as another decline in jobless claims.]
Meanwhile, the number of American households threatened with losing their homes jumped 24% in the first three months of this year. And this number could rise further as major lenders restart foreclosures after a temporary break. However, President Barack Obama's plan to help up to 9 million borrowers avoid foreclosure could help.
Overseas, Asian markets closed slightly higher, while European markets started the day also on a higher but subdued note Thursday. There was definitely relief over China's economic growth, which slowed only to 6.1% in the first quarter, amidst signs this may be its lowest point. But this was offset by renewed fears about the state of the U.S. economy aggravated by indication Euro-zone industrial production slowed further and U.K. retail falling again.
Economic indicators released today include:
- March Housing Starts and Building Permits at 8:30 AM
- Weekly Initial Unemployment Claims also due at 8:30 AM
- April Philadelphia Fed Index at 10:00 AM
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