U.S. futures trim losses after jobless claims fall; Dow sheds 0.1%

Investing.com – U.S. stock futures trimmed losses on Thursday, after official data showed that U.S. jobless claims fell last week, while markets awaited key U.S. data on manufacturing activity.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a loss of 0.1%, the S&P 500 futures indicated a decline of 0.15%, while the Nasdaq 100 futures pointed to a 0.1% gain.

The U.S. Department of Labor said earlier that the number of individuals filing for initial jobless benefits fell by 12,000 last week to a seasonally adjusted 409,000, in line with expectations. 

Shares in defense contractor SAIC tumbled 9.7% in pre-market trade after reporting second quarter net profit fell 6.3% to USD178 million, citing a challenging government contracting environment. The company also lowered its full-year outlook. 

Athletic apparel retailer Zumiez saw shares fall 4.5% after forecasting third quarter profit that fell short of expectations, as a weak economy and promotions during the back-to-school selling season were likely to weigh on results.  

On the upside, retail giant Target saw shares climb 1.2% after it said same-store sales rose by 4.1% in August, while shares of department store operator Macy’s jumped 3.5% after same-store sales rose 5% last month.  

Other retailers could be active as major companies release monthly sales data throughout the day.

In corporate news, the largest U.S. wholesale retailer Costco fell 0.8% after saying that Jim Sinegal, a co-founder of the company, will step down as chief executive on January 1. He will be succeeded by president and chief operating officer Craig Jelinek. 

Bank of New York Mellon saw shares drop 3% after announcing late Wednesday that chief executive Robert Kelly has stepped down and will be replaced with president Gerald Hassel.

Across the Atlantic, European stock markets were lower after data showed that manufacturing activity in the euro zone fell to a two-year low in August, while a disappointing Spanish bond auction also weighed.

The EURO STOXX 50 dropped 0.75%, France’s CAC 40 slumped 0.6%, Germany's DAX tumbled 1.4%, while Britain's FTSE 100 shed 0.15%

During the Asian trading session, Hong Kong’s Hang Seng Index edged 0.25% higher, while Japan’s Nikkei 225 Index jumped 1.18%.

Earlier Thursday, revised data showed that non-farm productivity fell 0.7% in the second quarter, while unit labor costs rose 3.3%. 

Later in the day, the U.S. Institute of Supply Management was to produce data on manufacturing growth.