Expect pullback from Dow 10,000

When Wall Street nearly collapsed

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NEW YORK (CNNMoney.com) -- U.S. stocks were poised for a lower open Thursday, as investors took a step back from Dow's rise above 10,000 and digested quarterly reports from Goldman Sachs and Citigroup.

Economic reports were also on investors' minds, as the government reported a key inflationary gauge showed slight signs of pressure. A separate report showed the number of people filing for first-time unemployment fell in the latest week, but slightly less than forecast.

S&P 500, Nasdaq-100 and Dow Jones industrial average futures were lower but regained some ground following the economic reports.

Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.

Wall Street rallied Wednesday on earnings optimism, following upbeat profit reports from Intel (INTL) and JPMorgan Chase (JPM, Fortune 500). The surge lifted the Dow to its first close above 10,000 in a year.

"Once you breach a psychological barrier like that, the temptation is to think that those who have sat on the sidelines will get involved," said Ken Wattret, economist with BNP Paribas in London. "That could propel the market higher."

But crossing the barrier could also inspire traders to cash in their chips and prompt a selloff, said Wattret. He said that it's hard to tell what type of impact that crossing Dow 10,000 will have on the markets. What's more telling, he said, is that "the momentum in the markets looks pretty strong," even if it does seem a bit "stretched."

"As long as the earnings news remains quite favorable, why would the market fall out of bed right now?" said Wattret.

Earnings: Goldman Sachs (GS, Fortune 500) reported better-than-expected third-quarter earnings of $3.19 billion, or $5.25 per share. Analysts had expected EPS of $4.24, according to Thomson Reuters. Goldman also reported third-quarter revenue of $12.37 billion.

Chief executive Lloyd Blankfein attributed the strong quarter to "improving conditions and evidence of stabilization, even growth, across a number of sectors."

Citigroup (C, Fortune 500), still reeling from the sharp pain of the credit crunch, reported a quarterly loss of 27 cents a share. Revenue topped $20.4 billion.

JPMorgan Chase (JPM, Fortune 500) reported upbeat results Wednesday, helping to trigger the market rally.

Economic reports before the bell: The Consumer Price Index, a key inflation gauge rose 0.2% in September, according to a consensus of economist opinion from Briefing.com. This is compared to the prior month, when the CPI rose 0.4%.

The core CPI, which excludes volatile food and energy prices, is expected to have edged up 0.2% in September, slightly higher than the 0.1% forecast by Briefing.com. Core CPI gained 0.1% in August.

The number of people filing for first-time unemployment fell to 514,000 last week, slightly better than the 520,000 expected by a consensus of economist opinion from Briefing.com. Jobless claims have now dropped five out of the previous six weeks.

World markets: Upbeat sentiment about earnings lifted markets worldwide. In Asia, the Nikkei surged 1.8%. Major European indexes were higher in midday trading.

Money and oil: The dollar was higher against the euro and the yen, and lower versus the British pound.

The price of oil was little changed at $75.21 a barrel. On Wednesday, crude crossed the $75 level for the first time in a year.