Stocks may show a lack of direction in early trading on Thursday, extending the lackluster performance seen in the previous session. The major index futures are currently pointing to a roughly flat open for the markets, with the S&P 500 futures nearly unchanged.
The futures had been pointing to a modestly lower open but regained ground following the release of a report from the Labor Department showing initial jobless claims rose by more than expected in the week ended March 4th.
The report said initial jobless claims climbed to 211,000, an increase of 21,000 from the previous week's unrevised level of 190,000. Economists had expected jobless claims to inch up to 195,000.
With the bigger than expected increase, jobless claims reached their highest level since hitting 223,000 in the week ended December 24th.
The data may help ease concerns about labor market tightness, which the Federal Reserve has pointed to as a reason for stubbornly elevated inflation.
Trading activity may remain somewhat subdued, however, as traders look ahead to the release of the Labor Department's more closely watched monthly jobs report on Friday.
Economists currently expect employment to jump by 203,000 jobs in February after surging by 517,000 jobs in January, while the unemployment rate is expected to hold at 3.4 percent.
Following the sell-off seen during Tuesday's session, stocks showed a lack of direction over the course of the trading day on Wednesday. The major averages spent the day bouncing back and forth across the unchanged line.
The major averages eventually ended the session mixed. While the Dow slipped 58.06 points or 0.2 percent to 32,798.40, the S&P 500 crept up 5.64 points or 0.1 percent to 3,992.01 and the Nasdaq rose 45.67 points or 0.4 percent to 11,576.00.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Thursday. Japan's Nikkei 225 Index climbed by 0.6 percent, while China's Shanghai Composite Index dipped by 0.2 percent.
Meanwhile, the major European markets have all moved to the downside on the day. While the U.K.'s FTSE 100 Index has slid by 0.7 percent, the French CAC 40 Index and the German DAX Index are both down by 0.4 percent.
In overseas trading, crude oil futures are rising $0.32 to $76.98 a barrel after slumping $0.92 to $76.66 a barrel on Wednesday. Meanwhile, after edging down $1.40 to $1,818.60 an ounce in the previous session, gold futures are inching up $2.60 to $1,821.20 an ounce.
On the currency front, the U.S. dollar is trading at 136.18 yen versus the 137.36 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0558 compared to yesterday's $1.0545.
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