US stocks were mixed at the open as indices trimmed gains as traders digested more earnings and unemployment data.
A new report showed claims for unemployment benefit unexpectedly increased last week to the highest level since February 2015, adding to doubts about the pace of economic growth.
It comes as retail sales data is due tomorrow along with sentiment, producer prices and business inventories.
At the time of writing the benchmark Dow is up over 34 at 17.745; the tech heavy Nasdaq is down almost ten at 4,750, while the broader based S&P500 added almost three points at 2,067.
On the S&P400 Midcap index, it was up over seven points at 1,462, while the S&P600 Small cap exchange added over three at 687.88.
Among the biggest fallers was retailer Kohl's Corporation (NYSE:KSS), which plunged over 8% in New York after it posted a sharp fall in first quarter profits.
It was the second big retailer this week to disappoint the market, following on from Macy's Inc (NYSE:M) worse-than-expected sales.
In the quarter ended April 30, Kohl's reported a net income of $17mln, equivalent to nine cents a share, having reported a profit of $127mln (63 cents a share) in the same period of 2015.
Cnova (NASDAQ:CNV) shares fell almost 44% as Casino said it would spend up to $196 million to take the e-commerce unit Cnova private, nearly two years after listing it on Nasdaq as difficulties in Brazil have hit strategic plans.
PREVIEW
Wall Street shares are set for a higher open on Thursday after plunging Wednesday amid fears over American consumer spending.
Retail stocks were among the weakest on Wall Street as major US benchmarks tumbled, and as earnings reports from the likes of Macys (NYSE:M) and Disney (NYSE:DIS) disappointed.
In Asia overnight, it was a mixed bag with the Hang Seng in Hong Kong down 139 points. The Shanghai Composite eased a tad lower, down around one point, while Japan's Nikkei 225 managed to rise around 67 points.
On Wall Street yesterday, the Dow Jones Industrial Index shed 217 points, 1.2%, to close at 17,711. The S&P 500 dipped 0.96% to 2,064 and the tech heavy Nasdaq lost 1.02% to 4,760.
Today, futures trading sees the Dow 79 points ahead, the S&P500 is down over 19 and the tech heavy Nasdaq is 49 lower.
The oil price is 0.49% higher to stand at US$46.63 as the price of crude firmed as the threat of a glut was lessened.
The International Energy Agency (IEA) said that global oil stocks would experience a “dramatic reduction” in the second half on the back of strong demand and falling supply from some of the major producers.
Again, Thursday is a big day for retailers. Supermarket Kohl's (NYSE:KSS) is reporting ahead of the bell, while fashion clothing retailer Ralph Lauren (NYSE: RL) is also due to report.
In the UK, the Central Bank will announce policy decisions and any move on interest rates, which is likely to be closely watched.