U.S. stock futures pointed to a tepid start, after two days of healthy gains.
The early negative tone was set following Wal-Mart’s announcement that they beat earnings expectations, but missed expectations on sales. Futures dipped more following economic reports before the bell.
Initial claims for state unemployment benefits increased 31,000 to a seasonally adjusted 473,000, up from an upwardly revised 442,000 in the previous week. Analysts were expecting to see a slight drop. Separately, wholesale prices edged higher in January. The overall Produce Price Index jumped 1.4% on higher energy costs, while the core PPI increased 0.3% after a flat December reading.
At 10:00 am ET, the Philadelphia Fed Index is out. At the same time, the Conference Board issues its index of leading indicators for February, with a 0.4% rise considered likely following January’s 1.1% increase.
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