Stock futures edged
narrowly higher
Thursday, as investors awaited the latest look at oil and fuel supplies and
weighed mixed reports from two major retailers.
Oil prices fell back $1.21 at $129.82 per barrel.
Corporate news: Retailer Sears Holdings, which
operates the Sears and Kmart chains, reported an unexpected loss for its fiscal
first quarter as it increased promotions and markdowns to clear slow-moving
merchandise. It also warned that it expects its sales to be pressured for the
rest of the year due to tough economic conditions.
But wholesale club retailer Costco reported
improved earnings that narrowly topped forecasts.
TiVo reported late Wednesday that its net
income more than quadrupled in the first quarter, although it said it expects
to return to a loss in the current period.
Economic news: the U.S. economy grew at an annual 0.9%
rate in the first quarter, a slightly faster pace than previously reported,
according to the government's revised reading on gross domestic product. Last
month it had reported an initial reading of 0.6% growth.
Initial jobless claims rose slightly to 372,000
last week from the previous week's reading of 368,000, which was revised
slightly higher.
Federal Reserve
Chairman Ben Bernanke is due to speak today on the steps the central bank can take to
provide cash and stability to financial markets.