NEW YORK (CNN/Money) - U.S. stocks primed for a weak open Thursday as investors took in Wal-Mart Stores' sluggish sales in the back-to-school season amid mixed economic reports on joblessness and productivity.

Early indications point to a lower open for the major indexes, which all posted solid gains Wednesday.

"I think what you're seeing is the process of the market setting a bottom," Peter Cardillo, director of research at Global Partners Securities, told CNNfn's CNNmoney Morning. "Obviously, September is living up to its reputation (for volatility), but I think the market will eventually lose its bear grip and focus on the economy and earnings going forward,"

Throughout the morning, major retail chains are releasing their reports for August sales, which include the back-to-school period. The figures may serve as a test of consumer sentiment in the face of continued economic uncertainty.

Already, No. 1 retailer Wal-Mart (WMT: Research, Estimates) has come in with sales that were lower than expected, with sales at stores open a year or more up just 3.8 percent. Shares rose 47 cents to $52.34 in Wednesday trade.

Pier 1 Imports (PIR: Research, Estimates) saw an 8.6 percent increase in August sales and as a result, raised its second-quarter outlook to a profit of 23 cents per share from a profit of 20 cents or 21 cents per share. Limited Brands (LTD: Research, Estimates) said August same-store sales gained only 1 percent, below expectations. Men's Wearhouse (MW: Research, Estimates) said August same-store sales fell 12.7 percent, well below estimates.

On Wednesday, shares of Pier 1 added 32 to $18.22, shares of Limited added 52 cents to $15.16 and shares of Men's Wearhouse gained 74 cents to $19.45.

Weekly new unemployment claims declined to 403,000 last week from a revised 411,000 the previous week, the government said; economists expected a decline to 395,000. A number over 400,000 is considered the benchmark for determining economic weakness.

"The market is looking forward to Friday's (monthly) unemployment report, so the jobless claims have to be disappointing," Steve East, chief economist with Friedman Billings & Ramsey, told CNNfn's CNNmoney Morning.

Click above for details about Wednesday's trading.

In addition, second-quarter productivity was revised up to 1.5 percent from an initial reading of 1.1 percent; economists expected the number to remain steady at 1.1 percent.

After trading begins, the Institute for Supply Management issues its August report of services sector activity. It's expected to show some improvement to 54 from 53.1 in July.

Also due is the government's July reading on factory orders, which are seen having risen 4.7 percent after a 2.4 percent drop in June.

There will be some buzz about the semiconductor sector as investors await Intel's mid-quarter update, due after trading concludes. So far this week, brokerages have been cautioning that the world's No. 1 chipmaker will lower sales and earnings estimates amid continuing weakness in information technology spending by corporations.

Intel (INTC: Research, Estimates) shares rose 25 cents to $16.11 Wednesday.

The Dow Jones industrial average is coming off a 117-point gain Wednesday, making back about a third of the loss posted in Tuesday's first-of-the-week trading session, after General Motors (GM: Research, Estimates) raised its earnings guidance for the rest of 2002. The Nasdaq composite index was more than 28 points higher (see chart).

European markets were lower at midday, while Asia-Pacific stocks finished mostly lower Thursday, although Tokyo's Nikkei index bounced off 19-year lows with a 1.6 percent advance.

Treasury prices rallied in early trading, sending the 10-year note yield down to 3.90 percent from 3.95 percent late Wednesday. The dollar slipped against the euro, which neared parity with the U.S. currency, and was weaker versus the yen.

Brent oil futures rose 16 cents to $27.26 a barrel in London, where gold was solidly higher in early trading.

Consumer products maker Procter and Gamble (PG: Research, Estimates), a Dow component, has raised its first-quarter sales and earnings guidance due to a pickup in sales. Shares of the stock gained $2.02 to $88.56 Wednesday.

Shares of IDEC Pharmaceuticals (IDPH: Research, Estimates) fell $1.84 to $39.03 in pre-market trade after the biotech company said it has abandoned its experimental treatment for the skin disorder psoriasis after initial trials showed the drug was not effective.

Campbell Soup (CPB: Research, Estimates) issued lower fiscal fourth-quarter results that met analysts' expectations. Campbell shares rose 40 cents to $23.33 Wednesday.

From the brokerage houses, Morgan Stanley cut 2002, 2003 and 2004 earnings per share estimates for Dow component International Paper (IP: Research, Estimates) amid a broadly negative note on the sector. The firm cut forecasts on a number of paper and forest products companies due to depressed lumber markets and some reduced expectations for a recovery in the pulp market.

Credit Suisse First Boston cut earnings estimates for American Eagle Outfitters' (AEOS: Research, Estimates) third quarter to 40 cents from 43 cents a share and for the full fiscal year to $1.32 from $1.35 per share. The move came a day after the clothing retailer said sales at its stores open at least a year dropped 6.9 percent in August. Shares of American Eagle gained 62 cents to $15.09 Wednesday.

CSFB also dropped its rating on CSX (CSX: Research, Estimates) to "hold" from "buy" a day after the railroad operator warned about its third quarter, saying that weak coal demand from utility customers would adversely affect earnings. The firm also slashed its third-quarter earnings estimates for CSX by 21 percent to 55 cents a share from 70 cents, by 13 percent for all of 2002 to $2.05 from $2.35 per share, and by 18 percent to $2.75 from $3.35 a share for 2003. Shares of CSX gained 89 cents to $34.63 Wednesday.

Merrill Lynch reduced its rating on Tyson Foods (TSN: Research, Estimates) to "neutral" from "buy" for the intermediate term and cut its 2003 earnings estimates to $1.05 to $1.15 from $1.25 to $1.15 a share, saying that high grain prices and low poultry prices will impact margins in the fourth quarter and first half of 2003. Shares of Tyson fell 22 cents to $12.19 in trading Wednesday.

Merrill lowered its intermediate term rating on biotech company Sigma-Aldrich (SIAL: Research, Estimates) to "neutral" from "buy," citing the stock's valuation. Shares of Sigma-Aldrich gained $1.86 to $51.11 Wednesday.

The firm also downgraded chemical maker Albemarle (ALB: Research, Estimates) to "neutral" from "buy" in the intermediate term, citing the stock's valuation. Shares of Albemarle rose 62 cents to $30.69 in trading Wednesday.