By Sara Sjolin and Victor Reklaitis, MarketWatch
Apple debut as Dow component
NEW YORK (MarketWatch) -- U.S. stock futures were slightly lower
on Thursday, indicating stocks will take a breather after the prior
day's Federal Reserve-inspired rally sent the S&P 500 to its
highest closing level in two weeks.
A report on jobless claims was just a bit weaker than expected,
and stock futures stayed in the red after its release.
Futures for the S&P 500 (ESM5) fell 6 points, or 0.3%, to
2,086.50, while those for the Dow Jones Industrial Average (YMM5)
slipped 41 points, or 0.2%, to 17,948. Futures for the Nasdaq 100
(NQM5) inched lower by 3.25 points, or 0.1%, to 4,416.
Fed-fueled jump: The small declines came on the heels of a
volatile session on Wednesday, when the indexes erased early losses
to close markedly higher. The Fed, as expected, dropped its pledge
to remain "patient"
(http://www.marketwatch.com/story/fed-takes-step-to-rate-hike-but-scales-back-intended-pace-2015-03-18)
about raising rates, but signaled a slower increase in interest
rates than it foresaw just a few months ago.
The dollar dropped against its rivals after the announcement,
sliding to its lowest level
(http://www.marketwatch.com/story/dollar-trapped-in-a-tight-range-ahead-of-fomc-outcome-2015-03-18)
against the euro in eight days. On Thursday, the greenback recouped
some of its post-Fed losses
(http://www.marketwatch.com/storyno-meta-for-guid), with the ICE
dollar index (DXY) up 0.4% to 98.92.
Thursday's economic news: Jobless claims for the week ended
March 14 came in at 291,000
(http://www.marketwatch.com/story/us-jobless-claims-barely-changed-at-291000-2015-03-19),
while economists polled by MarketWatch had expected 290,000.
A new reading on the Philadelphia Fed's manufacturing index is
expected at 10.am. Eastern, with economists predicting a rebound to
8.0 in March. A fresh figure for leading indicators is also due at
10 a.m., and Federal Reserve Governor Daniel Tarullo testifies
before the Committee on Banking, Housing, and Urban Affairs at that
time. Additionally, Dallas Fed President Richard Fisher retires on
Thursday.
Stocks to watch:Apple Inc.(AAPL) is in the spotlight as it
debuts as a Dow Jones Industrial Average component. Shares were up
slightly in premarket trade. See: What being added to the Dow will
do to Apple's stock
(http://www.marketwatch.com/story/will-2015-be-apples-blue-chip-debut-2014-12-15)
Home builder Lennar Corp.(LEN) reported earnings and revenue
that beat expectations
(http://www.marketwatch.com/story/lennar-profit-revenue-beat-views-sees-improving-housing-market-2015-03-19),
sending shares higher ahead of the bell.
After the market's close, Nike Inc. (NKE) is projected to report
fiscal third-quarter earnings of 85 cents
(http://www.marketwatch.com/story/what-to-look-for-in-nike-earnings-2015-03-18)
a share.
Amicus Therapeutics Inc.(FOLD) surged ahead of the open after
the biotech firm reported positive updates from meetings with
regulators for a treatment for Fabry disease.
Read more about Thursday's jumpiest stocks in the Movers &
Shakers column
(http://www.marketwatch.com/story/apple-to-debut-as-dow-component-nike-earnings-in-focus-2015-03-19)
Other markets: European stock markets were mostly higher, keying
off the Fed optimism. The Fed statement came out after markets in
Europe closed, making Thursday's session the first chance for that
region's investors to react to the news. The U.K.'s FTSE 100
(http://www.marketwatch.com/storyno-meta-for-guid) was flirting
with a record closing high.
Meanwhile, the euro (EURUSD) moved sharply lower to trade at
$1.0665, down from $1.0864 on Wednesday. With the Fed meeting out
of the way, attention reverted back to the eurozone as negotiations
between Greece and its creditors continued, with a meeting on the
sidelines of this week's EU summit. Read: Merkel downplays hopes
for Greek deal at European summit
(http://www.marketwatch.com/story/merkel-downplays-hopes-for-greek-deal-at-european-summit-2015-03-19).
Asian markets closed mixed, with stocks in Shanghai extending a
seven-day winning streak
(http://www.marketwatch.com/story/chinese-stocks-advance-further-after-us-rally-2015-03-19).
Gold rallied
(http://www.marketwatch.com/story/gold-rallies-as-fed-signals-slow-pace-of-rate-hikes-2015-03-19),
while crude oil prices slumped
(http://www.marketwatch.com/storyno-meta-for-guid).
Subscribe to WSJ: http://online.wsj.com?mod=djnwires