U.S. stock futures declined Thursday morning, pointing to a lower start on Wall Street as investors started weighing the possibility that stocks have run up too far and too fast ahead of the economy -- the economic recovery may not be as robust. The retail sector is in focus with several retailers reporting earnings. The tech sector could also experience pressure.On Wednesday, stocks ended lower with technology shares leading the decline, and the Nasdaq composite down nearly half a percent. Results from Salesforce.com (CRM) and Autodesk (ADSK) weighed on the sector as Hewlett-Packard (HPQ) and Microsoft (MSFT) were among the leading decliners in the Dow.
Several economic indicators are also in focus this morning:
- At 8:30 a.m. Eastern, weekly initial and continuing jobless claims will be reported. While the market expects initial claims to have ticked up, continuing claims are expected to continue the downward trend of the past few weeks.
- At 10:00 a.m., October leading economic indicators is due out.
- At the same time, November Philly Fed survey, a reading on regional manufacturing, will also be reported and is expected to have increased.
Among stocks reporting earnings today are Sears Holdings (SHLD) (report), Dell (DELL) and The Gap (GPS). Also, eight microchip companies will likely see some pressure after a downgrade by Bank of America. Finally, JPMorgan Chase (JPM) is buying the half of Cazenove that it does not already own for about $1.67 billion.
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
Add your comments