Stock futures rebound Macy’s, Kohl’s raise outlooks, jobless claims on tap - Fox Business

Yardeni Research president Ed Yardeni, strategist Phil Blancato and Gary Kaltbaum evaluate the market on 'Making Money.'

U.S. equity futures are pointing to a rebound following Wednesday's down session.

The major futures indexes suggest a gain of 0.3% when the opening bell rings on Wall Street.

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Thursday's economic reports will center on jobs and manufacturing.

The Labor Department will report its tally of new claims for unemployment benefits for last week. Expectations are for 260,000, down 7,000 from the previous week to another pandemic low. Continuing claims, which track the total number of unemployed workers collecting benefits, are anticipated to slip by 40,000 to 2.120 million.

At the same time the Philadelphia Federal Reserve will release its index of manufacturing activity for eastern Pennsylvania, southern New Jersey, and Delaware. It’s expected to inch up two-tenths of a point this month to 24.0. Any reading above zero means that more manufacturers say business conditions are improving rather than worsening.

And the Conference Board’s Leading Economic index will be released for October. Watch for a 0.8% increase from the prior month.

TARGET, WALMART SAY HOLIDAY INVENTORY IS UP DESPITE SUPPLY CHAIN DISRUPTIONS

The flood of retail earnings continues Thursday, with Macy’s and Kohl’s boosting outlooks as shoppers return. Also on tap BJ’s Wholesale Club, Petco and Children’s Place reporting ahead of the opening bell. The afternoon will bring numbers from Ross Stores and Williams-Sonoma.

In Europe, London's FTSE slipped 0.2%, Germany's DAX was flat and France's CAC gained 0.1%.

In Asia, Japan's benchmark Nikkei 225 dipped 0.3%. The business daily Nikkei reported Prime Minister Fumio Kishida will propose Friday a government stimulus package totaling a record 55.7 trillion yen or $488 billion. 

Hong Kong's Hang Seng dropped 1.3% and China's Shanghai Composite shed 0.5%.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	35931.05	-211.17	-0.58%
SP500	S&P 500	4688.67	-12.23	-0.26%
I:COMP	NASDAQ COMPOSITE INDEX	15921.570933	-52.28	-0.33%

On Wall Street, the S&P 500 fell 0.3% to 4,688.67 and is sitting just 13.03 points below its all-time high set a week and a half ago.

The Dow Jones Industrial Average sank 0.6% to 35,931.05, and the Nasdaq composite lost 0.3%, to 15,921.57.

Stocks have been powering mostly higher over the last month as companies have widely reported much stronger profits for the summer than analysts expected.

CISCO FORECAST KNOCKED BY SUPPLY CHAIN SNAGS, SHARES FALL

Cisco Systems Inc forecast current-quarter revenue below expectations as supply chain shortages and delays drive up costs. Shares of the network gear maker fell 6.3% in extended trading after it said it expects second-quarter revenue to grow 4.5% to 6.5% year-over-year, compared with Wall Street expectations of about 7.4%.

Inflationary pressures — and how much they hit companies' bottom lines— are under the microscope, with many companies warning their profit margins could suffer due to supply-chain problems and higher costs for everything from workers' wages to raw materials.

HOUSING STARTS UNEXPECTEDLY DROP AS MATERIALS SHORTAGES PERSIST

A report on the housing market showed some of those pressures. Builders broke ground on fewer homes last month than in September, contrary to economists' expectations for growth. But the number of building permits rose by more than expected, perhaps showing that homebuilders see those pressures eventually easing.

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In energy trading, benchmark U.S. crude fell 52 cents to $77.84 a barrel in electronic trading on the New York Mercantile Exchange. It shed $2.40 to $78.36 per barrel on Wednesday. Brent crude, the international standard, lost 32 cents to $79.96 a barrel.

The Associated Press contributed to this report.

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