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Stock futures were mixed Thursday, suggesting a weak opening, after reports showed an increase in weekly unemployment filings and tepid economic growth in the first quarter.
Stocks have been struggling this month, as optimism over upbeat corporate earnings has been tempered by signs the economy could be in for a slowdown this summer.
Analysts at Standard & Poors are predicting the stock market could be in for a 10% correction over the next month.
Economy: The number of Americans filing first-time claims for unemployment benefits rose 10,000 to 424,000 in the most recent week, the Labor Department said.
Economists were expecting 400,000 initial claims, according to consensus estimates from Briefing.com.
Separately, the government's revised reading on first-quarter U.S. gross domestic product was unchanged from the initial report. The Commerce Department said GDP, the broadest measure of economic activity, grew 1.8% over the same quarter a year ago.
Economists had expected the figure to be revised up to 2%.
Companies: Shares of Tiffany & Co. (TIF) rose more than 4% in pre-market trading after the luxury jeweler reported a 12% jump in sales. The company also hiked its quarterly dividend payment to 29 cents per share from 25 cents.
NetApp (NTAP) shares rose 4% before the open after the data storage company reported strong quarterly results late Wednesday and issued an upbeat outlook for the current quarter.
Freescale Semiconductor (FSL) priced its initial public offering at $18 a share, below its estimated range of between $22 and $24 per share. The company will start trading on the NYSE under the ticker 'FSL.'
Discount retailer Big Lots (BIG, Fortune 500) said earnings rose in the most recent quarter, but issued a dour sales outlook for the current quarter, saying it expects revenue to be flat or down 3%.
Oil for July delivery fell 34 cents to $100.98 a barrel.
Gold futures for June delivery fell $1.80 to $1,524.90 an ounce. Silver priced edged 2% lower.
Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.13% from 3.14% late Wednesday.
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