Stocks look to open lower
Modest gains in March retail sales, while GE's first-quarter results fail to excite investors.
NEW YORK (CNNMoney.com) - Stocks were still poised to open lower Thursday despite a rebound in retail sales in March and improved first quarter results from General Electric. Investors await the latest reading on retail sales after first-quarter results from General Electric failed to spur stocks Thursday. U.S. stock futures turned slightly higher, but still pointed at a lower open for U.S. markets. Treasury prices were a little lower again Thursday, lifting the yield on the 10-year note to 5 percent from the 4.98 percent level reached late Wednesday. Retail sales for March climbed 0.6 percent, compared with a 1.4 percent drop in February, the Census Bureau reported Thursday. Economists surveyed by Briefing.com had forecast a 0.5 percent gain for the month. Excluding automobile sales, sales rose just 0.4 percent in March compared to a 0.6 percent drop in February. But the number missed forecasts for a 0.5 percent gain. Dow component GE (Research) hit forecasts for slightly improved first-quarter earnings with slightly better than expected revenue. In other earnings news, chipmaker Advance Micro Devices (Research) reported after the close Wednesday much stronger than expected first quarter earnings, but the company warned that its second quarter revenue would be flat compared to the just completed period, which would put it below the consensus forecast. That guidance sent shares of AMD down two percent in after-hours trading Thursday. Oil prices were lower following a sell-off Wednesday on greater than expected fuel inventories. The May light crude futures contract for NYMEX slipped 52 cents to $68.10 a barrel in electronic trading. Major markets in Asia closed higher Thursday while major European markets also were slightly higher in early trading. The dollar was slightly higher against the euro and the yen. For a more detailed look at the markets before the open, click here. |
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