By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- U.S. stocks were poised to break a
three-day winning streak on Thursday, with futures for the three
major benchmarks moving lower ahead of second-quarter data on U.S.
economic growth.
Futures for the Dow Jones Industrial Average (DJU4) shed 24
points, or 0.1%, to 17,069, while those for the S&P 500 index
(SPU4) gave up 3 points, or 0.2%, to 1,994.10. Futures for the
Nasdaq 100 index (NDU4) dropped 6.5 points, or 0.2%, to
4,066.25.
The weakness came after the Dow and S&P indexes closed
higher for a third straight day on Wednesday, with the latter
clinging to 2,000 and marking its 31st record close this year.
Economic data: After a snoozer on the data front on Wednesday,
the economic calendar gets more interesting on Thursday. The second
estimate for second-quarter U.S. gross domestic product is out at
8:30 a.m. Eastern Time, and economists polled by MarketWatch
predict GDP will come in a notch lower -- 3.9% -- than the initial
read of 4%.
Also at 8:30 a.m. Eastern, weekly jobless claims are due. Claims
are hovering near eight-year lows and have fallen below 300,000 in
three of the past five weeks, a reflection of the low number of
layoffs taking place in the economy. Analysts forecast that 300,000
Americans filed for unemployment benefits last week, up slightly
from 298,000 the week before.
At 10 a.m. Eastern, an index that measures how many U.S. homes
are ready to be sold is expected to rebound in July, after
declining in June.
Earnings: Abercrombie & Fitch Co. (ANF) is expected to
report a profit of 11 cents per share on revenue of $908 million,
according to analysts surveyed by FactSet, when it releases
second-quarter results ahead of the open.
Discount retailer Dollar General Corp. (DG) is expected to
report a profit of 83 cents per share on revenue of $4.77
billion.
Signet Jewelers Ltd. (SIG) is forecast to report a profit of
$1.00 per share on revenue of $1.02 billion.
Movers and shakers: Williams-Sonoma Inc. (WSM) slumped 11% ahead
of the open after the kitchen-ware retailer late Wednesday reported
earnings that missed analysts' estimates.
Other markets: European stocks posted sharp losses as the first
country-specific reports on August consumer prices fueled fears
that the euro zone is heading toward deflation. Inflation data for
the euro zone come out on Friday and could add more pressure on the
European Central Bank to launch fresh easing measures at its
meeting next week. Asian markets closed mostly in the red.
Oil prices moved lower, while most metals moved a leg higher.
The dollar slipped against most of its rivals.
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