Stocks are poised for a moderately higher open on Thursday, as traders are looking to a sharper than forecast drop in jobless claims and some positive quarterly earnings news. The major index futures are all in positive territory, with the Dow futures up by 56 points.
After releasing a report last week showing a notable increase in first-time claims for unemployment benefits, the Labor Department released a report this morning showing a modest decrease in initial jobless claims in the week ended July 24th.
Jobless claims dropped to 457,000 from the previous week's revised figure of 468,000. Economists had been expecting jobless claims to edge down to 460,000 from the 464,000 originally reported for the previous week.
In earnings news, Exxon Mobil Corp. (XOM) reported second-quarter net income of $1.60 per share, topping estimates that called for $1.47 per share for the period. Total revenues rose to $92.49 billion but fell short of the $98.49 billion forecast for the quarter.
Colgate-Palmolive Co. (CL) also revealed its financial results for the second quarter, including earnings of $1.17 per share compared to estimates for $1.16 per share. Sales for the quarter were $3.81 billion, up from $3.74 billion in the prior year quarter but short of estimates for $3.94 billion.
Motorola Inc. (MOT) reported adjusted second-quarter earnings of $0.09 per share, just above Wall Street estimates for $0.08 per share. Net sales for the quarter came in at$5.414 billion, which beat forecasts for $5.19 billion for the quarter.
After the markets closed for trading in the previous session, Japanese electronics giant Sony Corp. (SNE) reported a profit for the first quarter of fiscal 2011 compared to a loss in the same period last year. The company also raised its full year earnings outlook and maintained its revenue guidance.
Credit card service provider Visa Inc. (V) said that its third-quarter profit declined 2 percent over last year, with the drop primarily due to lower investment income. Looking ahead, the company reaffirmed its earnings outlook for fiscal years 2010 and 2011.
Stocks posted notable losses on Wednesday, as the Federal Reserve's Beige Book showed some signs of a stalling economic recovery and the Commerce Department reported an unexpected drop in durable goods orders. The Dow fell by 40 points to 10,498, the Nasdaq declined by 24 points to 2,265 and the S&P 500 slid by 8 points to 1,106.
In overseas trading, stock markets across the Asia-Pacific region saw a mixed close on Thursday. Japan's benchmark Nikkei 225 inched fell by 0.6 percent, Hong Kong's Hang Seng Index was nearly flat and India's BSE 30 Index gained 0.2 percent.
Meanwhile, the major European markets are all moving moderately higher. The U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.7 percent, while the French CAC 40 Index is up by 0.5 percent.
On the currency front, the dollar is lower against the euro, trading at $1.3063, and has slipped to $1.5609 against the pound. The greenback is also lower versus the Japanese yen, trading at 87.03 yen.
In commodities trading this morning, crude oil futures are down by $0.15 at $76.84 a barrel, while gold futures are up by $0.20 at $1,160.60 an ounce.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.