NEW YORK (CNN/Money) -
U.S. stocks could get a bounce at the open Thursday as investors digest Nokia's bullish profit and sales forecast and better-than-expected weekly report on the labor market.
Nokia (NOK: Research, Estimates) raised its guidance for the quarter, citing strong demand for mobile phones. The upgrade from the world's top cell phone maker is the first bright spot for Nokia after a grim five months. The firm has struggled since April after it admitted it was losing market share to rivals due to a patchy handset portfolio.
Early Thursday, Nasdaq and S&P futures indicated a mixed open on Wall Street. Nasdaq futures had been mired in the red prior to Nokia's announcement.
Nokia's cheerful news could also help to offset a bearish forecast from tech component Texas Instruments. TI (TXN: Research, Estimates), the maker of communications chips, said in a mid-quarter update that while earnings for the current quarter would be higher than previously forecast, sales would be lower.
In economic news, the number of Americans filing initial claims for unemployment benefits fell much more than expected last week, the Labor Department reported Thursday.
First-time claims for state unemployment benefits dropped 44,000 to 319,000 in the week ended Sept. 4 from 363,000 the previous week, the Labor Department said.
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For details of Wednesday's drop, click above.
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Economists surveyed by Briefing.com had expected 345,000 people filed for benefits last week.
Oil prices edged lower early Thursday, continuing the recent downward trend. U.S. crude futures fell 5 cents to $42.72 a barrel in electronic trading, while Brent oil futures slipped 4 cents to $40.35 a barrel in London.
The promise of higher interest rates gleaned from Fed chairman Alan Greenspan's testimony before a House panel helped send stocks downward Wednesday. The Dow Jones industrial average gave up 0.3 percent, while the Nasdaq composite index was 0.4 percent lower.
Asian-Pacific stocks ended mostly lower, although Australia's main index finished at a record high; Tokyo's Nikkei index fell 1 percent. European markets fell in early trading. (Check the latest on world markets)
Among U.S. stocks trading in Europe, Boeing (BA: Research, Estimates) fell 1 percent. The aerospace manufacturer will build four new satellites that will bolster DirecTV's service.
Treasury prices edged higher in early trading, sending the 10-year note yield down to 4.15 percent from 4.16 percent late Wednesday. The dollar gained against the yen, and lower versus the euro. Gold was higher.
In ratings news, Bear Stearns downgraded Apple Computer (AAPL: Research, Estimates) to "peer perform" from "outperform," saying the stock has essentially achieved the firm's full-year price target for the stock.
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