US Stock Futures Edge Higher on Better-Than-Expected Drop in Jobless Claims

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U.S. stock futures edged higher in later pre-market trade Thursday as jobless claims fell more than economists had expected and even as the GDP shrank in Q1. The Dow Jones Industrial Average and the S&P 500 extended gains while the Nasdaq 100 crawled into the black.

Real GDP for Q1 was revised to a 1.0% decline compared to the consensus for a 0.5% decline and compared to a 0.1% increase in the prior quarter. Also out at this morning were the weekly jobless claims which fell 27,000 to 300,000 compared to the 317,000 consensus.

Later this morning, at 10:00 the pending home sales index is expected to have risen 1% in April from March.


In equities, Sprint ( S ) rose 3% in recent pre-market trade after chairman Masayoshi Son told the Wall Street Journal that U.S. regulators should allow the company to buy T-Mobile US ( TMUS ), up 1.5%. Abercrombie & Fitch ( ANF ) was another gainer, up 7.0% after reporting a smaller-than-expected adjusted loss while the provider of network security, Palo Alto Networks ( PANW ) jumped 12.5% amid better-than-expected fiscal Q3 results and as Oppenheimer upgraded the stock to outperform from market perform.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.13%

-S&P 500 futures up 0.11%

-Nasdaq 100 futures up 0.11%

GLOBAL SENTIMENT

Nikkei up 0.07%

Hang Seng down 0.30%

Shanghai Composite down 0.65%

FTSE-100 up 0.34%

DAX-30 down 0.03%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+) Chip stocks: unchanged to higher

(+) Software stocks: unchanged to higher

(+/-) Hardware stocks: mixed

(+/-) Internet stocks: mixed

(+/-) Drug stocks: mixed

(+/-) Financial stocks: mixed

(+/-) Retail stocks: mixed

(+) Industrial stocks: unchanged to higher

(+) Airlines: unchanged to higher

(+/-) Autos: mixed

UPSIDE MOVERS

(+) TWTR (+2.4%) Cantor Fitzgerald upgrades to buy from hold

(+) XGTI (+33.5%) Gets U.S. patent for wireless systems solutions

(+) BCRX (+3.2%) Prices 10-million-share-sale at $10 each

(+) SNN (+3.9%) Extends gains on Stryker reportedly planning bid; Stryker denied report

(+) ICPT (+5.1%) FDA grants fast track designation for primary biliary cirrhosis drug

(+) SAFM (+3.5%) Posts Q2 EPS, revenue beat

(+) STEM (+5.8%) CEO notes 'remarkable progress' in shareholder letter

DOWNSIDE MOVERS

(-) RXN (-3.0%) Prices sale of shares by selling stockholders at $25.5 each

(-) SOL (-9.3%) Reports Q1 loss, misses on revenue

(-) FN (-6.0%) Shareholder sells 3.2 million shares

(-) STON (-3.3%) To sell 2.6 million units



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: S , TMUS , ANF , PANW

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