Retailers hurting; Government vs. Google; Corona on tap

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1. Market movers -- Macy's and Kohl's: Shares in American retailers Macy's (M) and Kohl's (KSS) are plunging in extended trading.

Investors are hitting the sell button after Macy's issued an disappointing earnings report and said it will close 68 stores and cut more than 10,000 jobs.

Kohl's stock is also sharply lower based on disappointing holiday sales.

2. Government vs. Google: The U.S. Department of Labor has filed a lawsuit against Google (GOOGL) to get it to turn over employee compensation data.

The data request is part of a routine audit into Google's equal opportunity hiring practices, which is required because of the company's role as a federal contractor. According to the lawsuit, Google has repeatedly refused to provide employee details.

Google responded by criticizing the data requests as "overbroad in scope."

This tussle could be bad for Google's business because the Labor Department is now requesting that a judge order all of Google's federal contracts canceled unless it complies with the request.

3. Corona on tap: Constellation Brands (STZ), the maker of Corona and other alcoholic drinks, is among the large companies reporting quarterly numbers on Thursday morning.

Walgreens Boots Alliance (WBA) and Monsanto (MON) are also scheduled to hit the earnings stage before the opening bell.

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4. Economics: The ADP monthly report on U.S. employment is due at 8:15 a.m. ET. The December job creation numbers serve as a preview ahead of Friday's more closely-watched jobs report from the federal government.

Traders are also keen to see the latest U.S. reports on natural gas and crude oil inventories, which come out at 10:30 a.m. and 11 a.m., respectively.

5. Global market overview: Markets are muddling along right now.

U.S. stock futures are looking a bit weak.

Trading in European markets is muted. Asian markets are closing the day with mixed results.

This comes after the Dow Jones industrial average, S&P 500 and Nasdaq all rallied on Wednesday. Each index is within spitting distance of all-time highs set in December.

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6. Coming this week:

Thursday - Boeing's (BA) 2016 commercial plane order report
Friday - Release of U.S. jobs report for December

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