Stocks continue to indicate a down start for the session, according to futures (S&P futures -0.70, Nasdaq futures -13.00).
After slumping lower in recent sessions, oil futures are advancing. The commodity is currently indicated 0.5% higher, near $56.45 per barrel. Oil prices hit a 22-month low in the prior session. The dollar is relatively unchanged early on. Year-to-date, the dollar index is up 14% .
Initial jobless claims for the week ending November 8 totaled 516,000, up 32,000 from the prior week, and more than the 480,000 claims that were expected. The elevated number of jobless claims continue to indicate weak labor markets. In other economic data, the September trade deficit totaled $56.5 billion, which is narrower than the $59.1 billion deficit posted in August, and narrower than the $57.0 billion deficit that was widely anticipated.
Semiconductor company and tech bellwether Intel cut outlook. Applied Materials also gave a disappointing outlook. Discount retail giant and Dow component Wal-Mart issued downside guidance of its own upon announcing better-than-expected third quarter earnings per share results.
Restructuring charges and expense provisions gave German engineering giant Siemens AG a loss of approximately $3.1 billion for its latest quarter, according to WSJ. WSJ also reported Citigroup may be considering replacing its current board chairman as some of the company's directors grow dissatisfied with the financial giant's performance. Citigroup has just entered talks to buy regional lender Chevy Chase Bank.