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Oil could foul stocks
Crude's run toward record high seen hurting U.S. equities at the open
May 20, 2004: 8:39 AM EDT

NEW YORK (CNN/Money) - U.S. stocks tilted toward lower territory before the opening bell Thursday as oil prices continued to worry investors.

 
For details of Wednesday's session, click above

Early Thursday, Nasdaq and S&P futures were modestly lower after pointing higher earlier in the morning.

U.S. light crude futures showed a 14-cent gain to $41.64 a barrel, putting the expiring June contract within 21 cents of the intra-day record set Monday. Brent oil futures gained 16 cents to $38.06 a barrel in London.

Among Thursday's economic reports, the weekly report on jobless claims showed an unexpected rise in the number of people filing initial claims last week to 345,000 from a revised 333,000 the week before. Economists surveyed by Briefing.com had forecast that initial claims would slip to 326,000.

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Other economic reports due Thursday include the index of leading economic indicators, due at 10 a.m. ET. The Conference Board measure of the future direction of the economy is expected to be up 0.2 percent for April after a 0.3 percent gain in March.

The Federal Reserve bank of Philadelphia releases its measure of manufacturing in its region about noon ET. The index is forecast to fall to 31.0 for May from 32.5 in April.

The Dow Jones industrial average couldn't hold its early gains Wednesday and ended with a 0.3 percent drop. The Nasdaq composite index was up less than a point (see chart for details).

Asian-Pacific stocks ended mostly lower Thursday, with Tokyo's Nikkei index down 1 percent. European markets pulled back in early trading. (Check the latest on world markets)

Treasury prices were slightly lower, with the 10-year note yield at 4.78 percent. The dollar gained against the yen and euro. Gold was higher.

Shares of Intuit (INTU: Research, Estimates) fell 7 percent in after-hours trading. The maker of accounting software posted higher-than-expected quarterly income, but projected a wider-than-forecast loss in the current quarter and said about 400 customers using its latest version of Turbo Tax inadvertently had prepayments of their 2004 taxestaken out of their checking accounts due to a design flaw.  Top of page




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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.