By SAUMYA VAISHAMPAYAN
Updated April 9, 2015 8:50 a.m. ET
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DEVELOPING STORY:
*US Stocks Open Little Changed; DJIA Adds 11
*S&P 500 Adds 1; Energy Stocks Up Most
*Nasdaq Composite Gains 8
MORE TO FOLLOW.
Earlier:
U.S. stock futures were little changed Thursday as investors awaited first-quarter results.
S&P 500 futures lost three points, or 0.1%, to 2073. E-mini Dow futures fell 14 points, or 0.1%, to 17815, and e-mini Nasdaq-100 futures slipped three points, or 0.1%, to 4371.
Stock moves have been muted in recent days, with the Dow industrials last posting a 1% move on March 31. Stocks rose slightly Wednesday. The Dow added 0.2% to 17902.51 and the S&P 500 gained 0.3% to 2081.90.
“The market is exceptionally quiet right now,” said Alex Manzara, vice president at futures brokerage R.J. O’Brien & Associates. “We’re essentially marking time,” he added.
Alcoa Inc. unofficially kicked off the first-quarter reporting season Wednesday after the bell. The aluminum company swung to a profit but its revenue missed analysts’ expectations. Shares fell 2.6% in premarket trade.
Economic reports have indicated a slowdown in the U.S. economy at the start of the year. Now, investors are waiting to see how companies fared in the first quarter. Including 23 companies that have reported, earnings at S&P 500 companies are expected to fall 4.9% in the first quarter from a year ago. Earnings at energy companies in the index are expected to slump 65% from a year earlier, as low oil prices weigh on results. The strong dollar is another headwind for multinational companies with significant operations overseas.
Walgreens Boots Alliance Inc. said it would close 200 domestic stores as it continues to restructure and reported a 35.5% increase in sales in its February quarter amid a severe cold season. Shares added 2.9% premarket.
In economic news, the Labor Department said jobless claims rose by 14,000 to 281,000 in the week ended April 4. Economists surveyed by The Wall Street Journal expected 280,000 new claims. Later in the morning, a reading on wholesale inventories for February is also due.
European stocks rose. The Stoxx Europe 600 index gained 0.6% to 406.97, on track to close at a record. The benchmark’s record close is 405.50, set in March 2000. France’s CAC 40 gained 0.9% and Germany’s DAX added 0.4%.
The euro inched down to $1.0770 from $1.0782 on Wednesday. The yield on the 10-year Treasury note fell to 1.888% from 1.895% on Wednesday. Yields fall as prices rise.
In commodity markets, gold futures shed 0.4% to $1198.80 an ounce.
Oil prices rebounded from their biggest loss in two months. Crude-oil futures rose 1.3% to $51.08 a barrel.
