Stock futures pare losses after jobless data

Wall Street equity futures fell Thursday, but not as steeply after a reading on the jobs market came in better than expected.

Weekly initial jobless claims totaled 400,000, less than the 405,000 that was forecast.

S&P 500 futures fell 10.10 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures sank 63 points and Nasdaq 100 futures lost 22.25 points.

Story: Layoffs slip slightly, offering some hope for job market

The futures are signaling that the market may resume its downturn after snapping a seven-day losing streak. The S&P 500 index rose on Wednesday, but worries about the economy kept investors jittery and trading volatile.

Retailers will be in focus as chain stores report July sales. The chains, led by warehouse clubs and high-end stores, are expected to report higher sales due to deep discounts and the warmest July weather in decades.

In one early report, warehouse club operator Costco Wholesale Corp posted a higher-than-expected 10 percent rise in same-store sales, helped by higher gasoline prices and strengthening foreign currencies.

General Motors Co's quarterly profit nearly doubled, beating expectations, as the top U.S. automaker took a larger share of sales globally and raised prices on its vehicles.

Kraft Foods Inc rose 3.5 percent to $35.50 in premarket trading after it said it plans to split itself into two listed companies: global snacks and North American groceries. It also posted quarterly results

Cigna Corp posted higher-than-expected second-quarter profit early Thursday on strength in its main U.S. healthcare plans and its international business. The insurer raised its full-year forecast.

European shares hit a new 11-month low, with miners falling as the price of copper and other metals dropped on worries about global demand following recent weak economic data.

The European Central Bank is expected to keep rates on hold this month after raising them to 1.5 percent in July. The Bank of England is also likely to keep rates unchanged.

Japan's government sold one trillion yen ($12.5 billion) after days of official warnings that the yen had risen so much it threatened to derail Japan's recovery.

The move buoyed shares of big Japanese exporters, driving the Nikkei average up 0.2 percent on a day when the rest of the region fell around 1.4 percent.

Source: http://www.msnbc.msn.com/id/44000197/ns/business-stocks_and_economy/

footloose sophia loren john travolta royal wedding philadelphia eagles wac tiffany