Stocks set for early slide
Worries about the economic recovery put investors on the sidelines.
NEW YORK (CNNMoney.com) -- U.S. stocks were poised for a drop Thursday, as concerns about the economic recovery resurfaced, rattling investors.
Dow Jones industrial average, S&P 500 and Nasdaq futures were lower.
Futures measure current index values against the perceived future performance, offering guidance on stock performance, though they're not always an accurate barometer.
Dave Babbs, head of trading for MF Global Spreads in London, said investors are second-guessing the recent rally, which drove stocks to a 13-month high on Tuesday.
"To be honest with you, it shouldn't have been up there where it was," he said. "The Dow has gone up too quickly. I just think it needs to call off a little bit."
Wall Street ended Wednesday's session on a slightly negative note after a report showed a drop in new home construction.
Economy: The Labor Department released its weekly report on initial jobless claims, showing that the number of claims was unchanged from the prior week, virtually matching expectations.
The government said that jobless totaled 505,000 in the week ended Nov. 14. This was very close to the forecast of 504,000 claims, according to a consensus of economist opinion compiled by Briefing.com.
A report on leading economic indicators is due out at 10 a.m. ET and is expected to show any increase of 0.4% for October, according to a Briefing.com consensus. This would be a slow-down from the prior month, when the leading indicators rose 1%.
The Philadelphia Federal Reserve survey, a reading on regional manufacturing, also is slated to be released at 10 a.m. ET.
Companies: JPMorgan Chase (JPM, Fortune 500) said Thursday it was buying the half of UK broker Cazenove that it does not already own for about $1.67 billion.
Sears Holdings (SHLD, Fortune 500), Dell (DELL, Fortune 500) and Gap (GPS, Fortune 500) are due to post their financial results for the latest quarter.
World markets: Asian shares mostly fell. Japan's Nikkei tumbled 1.3%. Major European indexes were lower in midday trading.
Money, oil and gold: The dollar was up against all major currencies except the yen. Babbs said the strengthening dollar might be causing a drag on futures, just as the weakening dollar in earlier sessions helped fuel a rally.
The price of oil fell 36 cents to $79.22 a barrel in electronic trading.
The price of gold fell $2.50 in electronic trading to $1,138.70 per ounce. On Wednesday, gold for December delivery settled at a record high of $1,141.20 an ounce, up $1.80 from the previous close. 
