FOX Business: Capitalism Lives Here
U.S. stock-index futures slumped on Thursday after disappointing earnings from Wal-Mart overshadowed Cisco's better-than-expected results.
As of 8:00 a.m. ET, Dow Jones Industrial Average futures fell 28 points, or 0.17%, to 16559, S&P 500 futures dipped 3 points, or 0.16%, to 1882 and Nasdaq 100 futures slipped 4.3 points, or 0.12%, to 3592.
Wall Street failed to hold record highs on Wednesday, falling solidly into the red after a reading on inflation came in markedly higher than economists expected.
Early on, the focus was on corporate news. Cisco (CSCO) revealed better-than-expected results, sending shares of the networking giant flying higher. However, Wal-Mart (WMT) posted a sizeable miss, blaming bad weather. Shares of the world's biggest retailer stumbled on the news. Both stocks are Dow components.
There is another reading on inflation due out at 8:30 a.m. ET. Economists expect consumer prices to have climbed by 2% in April from the year prior, and 1.7% excluding food and energy prices. The Federal Reserve is trying to consistently boost core inflation to about 2%.
At the same time, the Street will get a look at weekly jobless claims. Economists reckon 320,000 people filed for first-time unemployment benefits last week, up by 1,000 from the week prior.
The economy has been recovering from a harsh winter that swept across large swaths of the U.S. and severely suppressed activity.
Elsewhere, U.S. crude oil futures fell 41 cents, or 0.4%, to $101.96 a barrel. Wholesale gasoline prices were little changed at $2.969 a gallon. Gold dipped 70 cents, or 0.05%, to $1,305 a troy ounce.