Wall Street is slowly and steadily shaking off its fears concerning the Greek crisis even as the nation's problems remain unresolved. The markets may choose to focus on the U.S. jobless claims report and the results of a regional manufacturing survey, as they attempt to reinforce their conviction regarding a strong domestic recovery. Additionally, some key retail earnings, including those from retail giant Wal-Mart (WMT) are also in focus. That said, the Greece overhang may continue to be the cause of some jitters in the markets.
As of 6:30 am ET, the Dow futures are rising 4 point and the S&P 500 futures are up 0.0 points, while the Nasdaq 100 futures are edging down 1 point.
U.S. stocks retreated yet again on Wednesday, although positive U.S. economic data helping to allay some of the Greek concerns.
On the economic front, the Labor Department is due to release its customary jobless claims report for the week ended May 12th at 8:30 am ET. Economists expect claims to decline to 365,000 in the recent reporting week from 367,000 in the previous week.
The results of the Philadelphia Federal Reserve's manufacturing survey are due out at 10 am ET. Economists expect the diffusion index of current activity to show a reading of 10 for May, up 8.5 in April.
Additionally, the Conference Board is scheduled to release a report on the U.S. leading economic indicators index for April at 10 am ET. The consensus estimate calls for a 0.1 percent increase in the leading indicators index for the month.
St. Louis Federal Reserve Bank President James Bullard is scheduled to speak to the Rotary Club of Louisiville on The U.S. Economy and Monetary Policy at 12:35 pm ET.
In corporate news, NetEase.com (NTES) reported first quarter results that were better than expected.
CostPlus' first quarter (CPWM) results were better than expected. The company's full year guidance was fairly positive.
Hot Topic (HOTT) reported break-even results on a non-GAAP basis for its first quarter on 6.4 percent sales growth to $171.5 million, about in line with estimate.
Sears Holdings (SHLD) reported first quarter adjusted loss from continuing operations of 31 cents per share on revenues of $9.3 billion. The loss was narrower than what analysts had expected, while the revenues exceeded estimates.
MEMC Electronics (WFR) announced the resignation of CFO Mark Murphy, effective May 16th and also announced the appointment of Brian Wuebbels as its CFO.
Medtronic (MDT) said it has received notification from the U.S. Department of Justice and the Office of the U.S. Attorney for the District of Massachusetts that federal prosecutors have closed their investigation of Medtronic related to INFUSE bone graft.
Red Robin Gourmet (RRGB) reported first quarter earnings of 71 cents per share on revenues of $299.5 million. The earnings exceeded estimates, while revenues were shy of expectations.
Aeropostale (ARO), Applied Materials (AMAT), Aruba Networks (ARUN), Autodesk (ADSK), Brocade (BRCD), Gap (GPS), Intuit (INTU), Marvell (MRVL), Pacific Sunwear (PSUN), Salesforce.com (CRM), Shoe Carnival (SVCL) and Zumiez (ZUMZ) are among the companies due to release their results after the markets close.
The major Asian markets ended mixed, with the Australian, Hong Kong, Indonesian and Singaporean markets ending lower, while the rest of the markets closed higher. The positive U.S. economic data released overnight along with a better than expected GDP report offered some support even as the weakness in the commodity space and the risk currencies weighed.
After seeing see-sawing trend for much of the session, Japan's Nikkei 225 average advanced after the Japanese Cabinet Office released first quarter GDP data, which came in at 4.1 percent year-over-year compared to expectations for 3.5 percent growth. The index closed up 75.42 points or 0.86 percent at 8,877.
Meanwhile, Australia's All Ordinaries closed down 6.20 points or 0.15 percent at 4,209 and Hong Kong's Hang Seng Index fell 58.90 points or 0.31 percent before closing at 19,201.
European stocks are extending their declines, with the financial space weighing down on the markets.
Debt auction by Spain received mixed response, with the nation successful in raising debt at the upper end of its target and demand for the debt remaining healthy. That said, borrowing costs were up sharply.
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