Stocks check pink slips
Stocks check pink slips
21/8/2003 13:17
Whether the initial jobless claims report remains below the benchmark 400,000 for the fifth straight week will be among the concerns of U.S. stock investors Thursday.

At 5:25 a.m. ET, futures pointed to a higher start for the major indexes.

The forecast is positive for the economy; initial unemployment filings are expected to have declined in the week ended Aug. 16 to 395,000 from 398,000 in the prior week, according to a consensus of economists surveyed by Briefing.com. But the report could be skewed somewhat by the blackout that knocked out power in an area from New York to Detroit.

The jobless claims report comes before the market open. Two other economic reports are due after the opening bell rings.

At 10 a.m. ET, the Conference Board issues its index of leading economic indicators for July. An increase of 0.4 percent is forecast, an improvement over June's 0.1 percent increase.

Around noon ET, the Federal Reserve Bank of Philadelphia comes out with its closely watched regional economic indicator. The index is expected to edge up to 10 from 8.3 in July.

U.S. stocks took a breather from the earlier gains this week. The Dow Jones industrial average, hurt by Hewlett-Packard's earnings disappointment, lost 0.3 percent. The Nasdaq composite index fared better, dropping a little more than a half-point. (see chart for details)

Asian-Pacific stocks finished higher Thursday, with Tokyo's Nikkei index gaining 0.7 percent to a 13-month high. European markets started the day higher. (Check the latest on world markets)

Among U.S. stocks trading in Europe, Goodyear Tire & Rubber (GT: Research, Estimates) was up nearly 5 percent. The tire maker said it has reached tentative agreement with unions representing 19,000 of its workers on a new three-year contract.

Treasury prices edged lower in early trading, sending the 10-year note yield up to 4.45 percent from 4.44 percent late Wednesday. The dollar gained against the euro, but was lower versus the yen.

Brent oil futures advanced 8 cents to $28.92 a barrel in London, where gold was slightly higher in early trading.

There are several earnings reports scheduled for release Thursday. Among those coming out before the open are retailers Barnes & Noble (BKS: Research, Estimates), Limited (LTD: Research, Estimates) and Williams-Sonoma (WSM: Research, Estimates); food processor Hormel Foods (HRL: Research, Estimates) and doughnut purveyor Krispy Kreme Doughnuts (KKD: Research, Estimates).

After the close, look for retailers Gap (GPS: Research, Estimates) and Nordstrom (JWN: Research, Estimates), and TV delay device maker TiVo (TIVO: Research, Estimates).

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