Shadow over Wall Street
Rising tensions over Iranian nuclear plans hitting stock futures ahead of sales reports from major retailers.

NEW YORK (CNNMoney.com) - Rising tensions over Iran's nuclear program could hit stocks early Thursday, with investors getting the latest reports on consumer spending from the nation's largest retailers before the market opens.

U.S. stock futures were down in early trading.

Oil prices slipped slightly after being higher earlier Thursday. The U.S. ambassador to the International Atomic Energy Commission said there was new "troubling" evidence of Iran's plans to build nuclear weapons, as that body prepared to meet to consider actions against one of the world's leading oil producers.

The March light crude futures contract for NYMEX lost 6 cents to $66.50 a barrel in electronic trading, while the March contract for Brent crude retreated 33 cents to $64.70.

Major retailers will report sales for January, which will include a lot of the gift cards purchased during the holiday shopping period. Wal-Mart Stores, the world's largest retailer, said Saturday that expects sales at U.S. stores open at least a year to rise 4.7 percent during the month, at the high end of its previous guidance for growth between 3 and 5 percent.

Major markets in Asia closed mostly higher Tuesday, with Japan's Nikkei reached another five year high. Japanese automakers Toyota (Research) and Honda (Research) reportedU.S. sales gains that again topped advances by Detroit automakers.

Major European markets were lower in early trading.

In other economic news, the government reports on fourth-quarter productivity gains Thursday. Economists surveyed by Briefing.com forecast that the closely watched measure rose only 1 percent, compared to 4.7 percent in the third quarter.

Earlier this week the Federal Reserve said that rising wage costs for businesses were an inflationary pressures that could prompt further interest rate hikes. The report comes ahead of the January employment report set for release Friday morning.

Treasury prices fell, lifting the yield on the benchmark 10-year note to 4.57 percent from 4.55 percent level late Wednesday. The dollar was down against both the euro and the yen.

For a more detailed look at the markets before the open, click hereTop of page

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