Markets

US Futures Point to Lower Open as Data Disappoint; Global Growth Forecast Cut

U.S. stocks are expected to open slightly lower Thursday amid weaker-than-expected weekly jobless claims and retail sales in May and as investors take a breather to digest the World Bank's decision to cut its global economic growth forecast to 2.8% for 2014, down from 3.5%.

At 08:30 a.m. E.T. jobless claims for the week to June 7 data showed an increase of 4,000 to 317,000 compared to the 309,000 consensus, according to data compiled by Econoday. The prior week was revised to 313,000 from 312,000.

Retail sales meanwhile rose 0.3% in May compared to the 0.6% increase expected by economists. April retail were revised up to 0.5% growth from 0.1%. Also out this morning were import prices, higher 0.1% in May compared to a 1.0% decline in April while export prices were up 0.1% compared to a 0.4% decline the preceding month. Economists had expected both to be up 0.2% in May.

Later this morning, at 10:00 a.m., business inventories for April are expected to have grown at the same pace as in March, up 0.4%.

In equities, Lululemon athletica (LULU, LLL.TO) dropped nearly 17% after its Q2 outlook missed analysts' estimates, even as it Q1 results beat the street view and the company announced a $450 million share buyback program. Geron Corporation ( GERN ) soared 34% after the U.S. Food and Drug Administration removed a partial clinical hold on a trial of Imetelstat to treat myelofibrosis. The hold was placed in March due to a safety signal of hepatotoxicity identified in clinical trials.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.04%

-S&P 500 futures down 0.06%

-Nasdaq 100 futures down 0.06%

-Nasdaq-100 Pre-Market Indicator down 0.02%

GLOBAL SENTIMENT

Nikkei down 0.64%

Hang Seng down 0.35%

Shanghai Composite down 0.34%

FTSE-100 up 0.12%

DAX-30 up 0.07%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+/-) Chip stocks: mixed

(+/-) Software stocks: mixed

(+) Hardware stocks: unchanged to higher

(+/-) Internet stocks: mixed

(+/-) Drug stocks: mixed

(+/-) Financial stocks: mixed

(+/-) Retail stocks: mixed

(+/-) Industrial stocks: mixed

(-) Airlines: lower

(+/-) Autos: mixed

UPSIDE MOVERS

(+) ZLCS (+45.4%) Merger partner Epirus reports data on rheumatoid arthritis drug

(+) SPEX (+3.2%) Starts litigation against VZ (-0.1%) for patent infringement

(+) IDN (+21.9%) Wins contract to provide TWIC ID card readers to US oil company

(+) RH (+17.2%) Tops Q1 expectations, boosts FY outlook

(+) PVCT (+6.5%) To discuss proposed phase 3 study of PV-10 to treat melanoma

(+) REGN (+1.2%) Rheumatoid arthritis drug meets secondary endpoints

(+) GSK (+0.7%) and PFE (+0.3%) team with Janssen on single table anti retroviral drug

DOWNSIDE MOVERS

(-) RIO (-3.0%) Mining stocks fall as World Bank lowers economic forecast

(-) INFY (-0.8%) Co appoints Vishal Sikka as CEO

(-) INTC (-0.3%) Reportedly loses court challenge against $1.4 billion fine

(-) EXC (-2.1%) Prices 50-million-share, 20-million-unit sale

(-) NEWL (-6.5%) Loses restraining order against Ironridge share sale

(-) RRC (-2.6%) Plans 4.56 million share sale

(-) EROS (-2.6%) Q4 earnings drop, sales rise; both miss street view

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

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

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