NEW YORK (CNNMoney.com) - Stocks struggled Thursday morning as investors tried to digest a slew of economic reports a day after the Federal Reserve said it was unsure about future interest rate hikes.

The Dow Jones industrial average (up 11.45 to 11,179.76, Charts) gave up early gains to trade little changed, and the broader Standard & Poor's 500 index (Charts) edged higher after reports pointed to slower growth in manufacturing and the first drop in construction spending in 10 months.

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The Nasdaq composite (up 7.19 to 2,186.07, Charts) rose about 0.3 percent.

Other reports pointed to improved worker productivity in the first quarter and a rise in initial jobless claims.

Meanwhile, investors are awaiting Friday's much anticipated May employment report. The weaker employment outlook from the jobless claims could actually cheer some investors who worried that strong jobs gains in the Friday report could push the Fed to keep hiking rates.

The economic readings are even more important to investors as the Fed minutes continue to suggest that even the central bankers are not certain what they will do with interest rates at their meeting June 28 and 29.

Sales reports from major retail chains also came in before the bell.

Analysts surveyed by sales tracker First Call forecast a 3.8 percent average gain in sales at stores open at least a year, a closely watched retail measure known as same-store sales. But early readings generally came in above forecasts.

Wal-Mart Stores (Research), the world's No. 1 retailer, came in at only a 2.3 percent gain, at the low-end of its earlier guidance and below the forecast of a 2.9 percent rise.

The company warned Thursday it is not expecting things to be much better in the new month. It is forecasting a 1 to 3 percent gain in same store sales for June as it said high gasoline prices should continue to weigh on its sales.

Automakers also report their May sales during the trading day. Auto sales tracker Edmunds.com forecast that General Motors (Research), Ford Motor (Research) and DaimlerChrysler (Research) post lower year-over-year sales while leading import brands continue to gain.

Oil prices were lower in early trading ahead of a 10:30 a.m. ET report on weekly fuel inventories, which was delayed a day by the Memorial Day holiday. Oil traders are also watching for news out of the meeting of OPEC oil ministers in Venezuela, along with news about talks in Europe trying to resolve the dispute over the Iranian nuclear program.

The July light crude futures contract sank $1.04 to $70.25 in electronic trading, while the July contract for Brent crude lost 71 cents to $69.70.

Major markets in Asia closed mixed Thursday, with markets gaining in Japan and Australia and losing ground in Hong Kong and South Korea. Major European markets were down in early trading.

Treasury prices continued the sell-off that started with the release of the Fed minutes Wednesday, lifting the yield on the benchmark 10-year note to 5.13 percent from the 5.12 percent level reached late Wednesday. The dollar was higher against the yen and the euro.

In other corporate news, Alcoa (Research) reached an last-minute agreement with the United Steelworkers union to avert a strike that could have hit the No. 1 aluminum maker Thursday. Shares of the Dow component were up 0.4 percent in Frankfurt trading early Thursday.