Stocks higher after JPMorgan's beat, worse-than-expected housing data
U.S. stock futures were mixed to lower Thursday morning, indicating Wall Street could have yet another slow start despite JPMorgan Chase beating analyst earnings estimates and Nokia meeting them. Some housing data will also be in focus this morning, as is news of General Growth filing for Chapter 11.
[Update 8:50 am: Futures turned higher despite housing data coming in lower than expected housing starts and building permits, as well as another decline in jobless claims.]
Meanwhile, the number of American households threatened with losing their homes jumped 24 percent in the first three months of this year. And this number could rise further as major lenders restart foreclosures after a temporary break. However, President Barack Obama's plan to help up to 9 million borrowers avoid foreclosure could help.
Overseas, Asian markets closed slightly higher, while European markets started the day also on a higher but subdued note Thursday. There was definitely relief over China's economic growth, which slowed only to 6.1 percent in the first quarter, amidst signs this may be its lowest point. But this was offset by renewed fears about the state of the U.S. economy aggravated by indication Euro-zone industrial production slowed further and U.K. retail falling again.
Economic indicators released today include:
- March Housing Starts and Building Permits at 8:30 AM
- Weekly Initial Unemployment Claims also due at 8:30 AM
- April Philadelphia Fed Index at 10:00 AM