Stocks search for stamina

NEW YORK (CNNMoney.com) -- Stocks looked set to give back some gains Thursday after the Dow hit a record high Wednesday - closing above 12,500 for the first time ever.

Stock futures, which predict the direction of U.S. markets at the open, were lower in early trading.

Weighing on futures, Apple (Charts) fell about 3 percent in pre-market trade Thursday after the Financial Times reported that the company's board didn't approve stock options given to Apple's iconic founder and chief executive Steve Jobs and then falsified documents to show that a board meeting to approve those options had taken place.

"That will put a little pressure on the Nasdaq," said Larry Peruzzi, a senior stock trader at The Boston Company Asset Management.

But Peruzzi said the stock could rebound late in the day if bargain hunters, wielding greater effect due to the light holiday volume, decide to snap it up.

Apple stock sold off early Wednesday after company executives were accused of falsifying stock option documents, although the exact nature of the alleged misdeeds was not known. The stock rebounded in late-day trade as analysts said the legal risks were small and the fuss wouldn't hinder the company's financial performance.

But bad news out of Apple could be quickly overshadowed.

The number of American's filing for unemployment benefits last week rose to 317,000 from a revised 316,000 the week prior. Economists had expected claims to rise to 320,000 from the revised 316,000 reported last week.

But the real market-movers are due at at 10 a.m., with reports on consumer confidence and existing home sales.

Consumer Confidence in December is expected to slip 0.9 of a point to 102.

Existing homes sales are thought to have fallen to 6.15 million in November according to Briefing.

Peruzzi said both will be closely watched.

"An increase in consumer confidence would be nice, given that markets are at all time highs," he said.

A steep drop in oil prices and a bullish report on home sales helped drive the markets Wednesday.

But Thursday oil climbed ahead of the government's weekly inventory report, which is expected to show a 1.8 million barrel drop in crude stocks, according to Reuters.

U.S. light, sweet crude for February delivery rose 28 cents to $60.62 a barrel in early electronic trade. Brent crude gained 17 cents to $60.69 a barrel.

Overseas, markets in Asia continued on a bull run, with Hong Kong's Hang Seng and Australia's S&P/ASX 200 closing at record highs. But major markets in Europe slipped in midday trade after initially opening higher.

In other overseas news, Citigroup (Charts) and other investors are in talks with Spring Airlines, a new budget carrier in China, to provide up to $384 million in funding after the Chinese government gave the OK for a partial stock float to help purchase 10 single-aisle A320 aircraft.

Treasury prices were little changed, leaving the yield on the 10-year note at 4.65 percent level reached late Wednesday. The dollar was lower against the euro and little changed against the yen.

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More market news and futures ahead of the U.S. open