The futures were up 100 points on the Dow, but gave up all their gains following this news.
from WSJ:
Stocks struggled to stay in the black on Thursday as a round of downbeat economic data cooled the previous trading session's investor euphoria.
Major indexes have swung between gains and losses since the opening bell. Gains in the financial sector and commodity-related stocks have kept the market on an even keel.
The Dow Jones Industrial Average, which leapt 120 points on Wednesday, was recently up 30 points, or 0.3%, at 9391.46, helped by a 4.7% gain in component Bank of America. Wal-Mart Stores was up 1.7% after saying its earnings last quarter were flat as same-store sales slid. But the discounting giant boosted its earnings outlook.
The Commerce Department said retail sales fell 0.1% in July despite the debut of the government's "cash for clunkers" program meant to jump-start auto sales. Demand for goods aside from cars took a large tumble, with steep declines for housing-related retailers and electronic stores.
In other economic reports out on Thursday, initial jobless claims rose marginally last week and import prices fell in July on lower energy prices.
The reports come at a time when investors have generally been in an upbeat mood thanks to a better-than-expected earnings season. But many participants are also looking for a new catalyst to emerge to keep the market's summer rally going into the fall.
