[BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -27.50.
Stocks look poised for a modestly lower open, as the S&P 500 futures are down 0.1%. The tech-heavy Nasdaq 100 futures show relative weakness, down 0.4%.
Shares of tech giant Cisco Systems (CSCO 43.17, -1.99) are down 4.4% in pre-market trading following the release of the company's quarterly results, which showed a slight beat on earnings and revenues. Conversely, shares of Walmart (WMT 87.71, +1.58) are up 1.8% after the world's largest retailer reported better-than-expected earnings and revenues for the first quarter.
Investors received two economic reports earlier this morning -- weekly Initial Claims and the Philadelphia Fed Index for May. The latest weekly initial jobless claims count totaled 222,000, while the Briefing.com consensus expected a reading of 216,000. Today's tally was above the unrevised prior week count of 211,000. As for continuing claims, they declined to 1.707 million from a revised count of 1.794 million (from 1.790 million).
Separately, the Philadelphia Fed Survey for May rose to 34.4 (Briefing.com consensus 20.0) from an unrevised 23.2 in April.
U.S. Treasuries didn't have much of a reaction to the data, remaining near the multi-year lows they hit yesterday; the benchmark 10-yr yield, which moves inversely to the price of the 10-yr Treasury note, is hovering near its Wednesday close of 3.10% -- its highest level since July 2011. Today's last economic report -- the Conference Board's Leading Economic Index for April (Briefing.com consensus +0.4%) -- will cross the wires at 10:00 AM ET, but isn't expected to have a market-moving impact.
Elsewhere, West Texas Intermediate crude futures are back at a three-and-a-half year high this morning, up 0.7% at $72.03 per barrel, following an early week slump, while the U.S. Dollar Index is up 0.1% at 93.33, on track for its highest close since mid-December.