U.S. stocks were poised to open higher as Dow component Alcoa started the earnings season by reporting a smaller-than-expected second quarter loss. The aluminum producer posted a loss of 26 cents a share, narrower than analysts’ average estimate for a loss of 38 cents.
Investors are also digesting the weekly jobless claims and retails sales reports. Initial jobless claims dropped by 52,000 last week to a much lower-than-expected 565,000, the lowest reading since January. Continuing claims meanwhile, climbed to another record of 6.883 million, taking some of the enthusiasm out of the headline number. Separately, many retailers are reporting their same-store sales results for June. The majority were disappointing, indicating the retrenchment in consumers spending. Of note, Wal-Mart is no longer posting monthly same-store sales data.
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