Stocks poised for flat open

By CNNMoney.com staff


NEW YORK (CNNMoney.com) -- U.S. stocks were set for slight gains on Thursday, after jobless claims figures came in lower and retail same-store sales came in strong.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were slightly higher ahead of the opening bell. Futures measure current index values against perceived future performance.

The economy will continue to remain in focus for investors, as they showed little reaction to Thursday's report on jobless claims, which were slightly lower than expected. Investors will also take in reports on productivity, factory orders and pending home sales. They are also gearing up for the government's all-important monthly jobs report, due before the opening bell Friday.

"We're coming off one of the biggest rebounds of the year, so today will be a more of a consolidation day," said Anthony Conroy, head trader at BNY ConverEx Group. "We haven't been seeing the growth we need, so investors will be paying close attention to the economic data coming in, but the big number will in Friday's jobs report."

After closing out a dismal August, stocks began the new month with a bang Wednesday, rallying more than 2% after strong readings on manufacturing boosted investor confidence.

Economy: Weekly jobless claim figures dipped slightly, by 6,000 claims, to 472,000 in the week ended Aug. 28. Economists expected the number of Americans filing new claims for unemployment insurance to have edged up slightly last week to 475,000.

Continuing claims, a measure of Americans who have been receiving benefits for a week or more, are expected to have dropped to 4,435,000 from 4,456,000.

A report on pending home sales is due after the start of trading. Economists forecast the figures to remain unchanged in July, after dropping 2.6% in June.

Meanwhile, the Commerce Department reports on July factory orders, which economists expect to show a 0.3% rise, following a 1.2% drop in June.

A separate government report is expected to show that second-quarter business productivity was downwardly revised to a decline of 1.7%, from the 0.9% drop that was initially projected.

World markets: European shares were mixed in early trading. The CAC 40 in France and Britain's FTSE 100 rose 0.1%, while the DAX in Germany ticked slightly lower.

Asian markets closed higher. Japan's benchmark Nikkei index added 1.5%. The Shanghai Composite rose 1.3%, and the Hang Seng in Hong Kong gained 1.2%.

Currencies and commodities: The dollar slipped against the euro and the Japanese yen, but edged higher versus the British pound.

Oil futures for October delivery fell 14 cents to $73.77 a barrel. Gold for December delivery added $2.30 to $1,250.40 an ounce.

Bonds: The yield on the 10-year Treasury note rose to 2.62% from 2.58% late Wednesday. To top of page

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