ONE: Stock futures decline after rise in jobless claims
An unexpected rise in jobless claims is causing investors to sell again.
A day after the Federal Reserve expressed confidence in the economy, the government said new unemployment claims rose last week. The market expected a decline, and stock futures fell.
Investors have been nervous about how long it will take the economy to turn around.
Early Thursday, Dow futures are down 45, or 0.6 percent, at 8,211. Standard & Poor's 500 index futures are down 5, or 0.6 percent, at 893. Nasdaq 100 index futures are down 6.50, or 0.5 percent, at 1,440.75.
Meanwhile, the government reports a slightly improved reading on gross domestic product. First-quarter GDP shrank 5.5 percent, less than the previous estimate of 5.7 percent.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) _ Investors are hoping new data will support the Federal Reserve's vote of confidence in the economy.
Stock futures edged higher early Thursday ahead of the government's final reading on first-quarter gross domestic product and data on last week's unemployment claims.
On Wednesday, the Fed said "sustainable economic growth" should gradually resume, and inflation will "remain subdued for some time." The statement did little to reassure investors, though, causing stocks to give up gains and finish mixed. Some were hoping the central bank would articulate how it will curb inflation.
Uncertainty about when the economy will turn around _ and how fast it will grow when it finally does _ have made for a rocky market this month. The Dow Jones industrial average remains up 26.8 percent from its 12-year low hit on March 9, but is down nearly 500 points, or 5.7 percent, from the five-month high it reached on June 12.
Before the market's open, Dow futures rose 4, or 0.1 percent, to 8,260. Standard & Poor's 500 index futures rose 3.10, or 0.4 percent, to 901.10, and Nasdaq 100 index futures rose 3, or 0.2 percent, to 1,450.25.
Asian markets rose, while European markets moved lower.
The Commerce Department is expected to report that first-quarter GDP shrank by 5.7 percent, unchanged from its previous estimate, according to economists surveyed by Thomson Reuters. The Labor Department is expected to report a slight drop in initial jobless claims.
Government bond prices edged up in early trading Thursday ahead of the economic data, as well as the last big Treasury auction of the week: $27 billion in seven-year notes.
Most auctions have been attracting solid demand so far this year, but investors are looking for signs of weakness. If demand wanes, the government will have to boost yields sharply to attract buyers. Treasury yields affect consumer borrowing rates.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, dipped to 3.68 percent from 3.69 percent late Wednesday.
In corporate news, Nike Inc. reported late Wednesday that its profit dropped in its fiscal fourth quarter on costs to cut jobs. Adjusted results beat Wall Street expectations, but the athletic footwear and apparel company said orders for the next several months are down significantly from last year.
Nike shares fell in premarket trading.
Hertz Global Holdings Inc. on Thursday predicted second-quarter and full-year earnings above Wall Street estimates, driving the rental car chain's shares higher in premarket trading.
Crude oil rose 66 cents to $69.33 a barrel in premarket trading on the New York Mercantile Exchange.
The dollar was mixed against other major currencies. Gold prices rose.
Overseas, Japan's Nikkei stock average rose 2.2 percent. In afternoon trading, Britain's FTSE 100 fell 0.6 percent, Germany's DAX index fell 1.2 percent, and France's CAC-40 fell 1.1 percent.
