U.S. stock futures were mixed Thursday morning as once, as has been the case the past recent weeks, with investors taking some profit following Wednesday's rally and looking for clearer direction amid confusing signals. While J.P. Morgan Chase (NYSE: JPM) surpassed Street's estimates, CIT Group (NYSE: CIT) talks failed as the company took one closer step to bankruptcy. [Update: Futures turned a little lower.]Meanwhile, foreclosure filings rose more than 33 percent in June as the number of U.S. households on the verge of losing their homes soared by nearly 15% in the first half of the year, affecting more than 1.5 million homes, as more people lost their jobs and were unable to pay their monthly mortgage bills. RealtyTrac Inc.'s data show that, despite the Obama administration's efforts, housing woes continue to spread and foreclosures won't to peak until the middle of next year.
Not many economic data are due out this morning. Weekly initial jobless claims is due at 8:30 a.m. Eastern and is expected to decline. July Philadelphia Fed index, a regional reading on manufacturing, is expected to have weakened the past month. Also, July confidence index of U.S. home builders is expected at 1 p.m. ET.
Overseas, Asian markets rallied after China surprised when it reported strong second quarter with GDP growing by 7.9%, better than projections. It now looks set to hit its full-year growth target of 8% as investment surged driven by powerful fiscal and monetary stimulus.
European stock markets rose modestly Thursday after JP Morgan Chase & Co. reported better-than-expected second-quarter earnings but were concerned over the fate of CIT Group.
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