Before the bell: Stocks higher after JPMorgan's beat, despite lower housing data

Posted Apr 16th 2009 7:35AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Market Matters, Nokia Corp. (NOK), JPMorgan Chase (JPM), Economic Data, Housing

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: