Markets

US Stock Futures Slip on Weak Jobless Numbers, Retail Figures, World Bank Lowering Global Forecast

U.S. stock futures slipped into the red Thursday after weekly jobless claims and retail sales in May disappointed investors and in the wake of the World Bank lowering 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.

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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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