By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks wobbled in early trade on Thursday, trading in a narrow range, as investors weighed strong economic data from China and Japan against a batch of mixed domestic reports including jobless claims and existing-home sales.

The S&P 500 (SPX) was 3 points, or 0.2%, higher at 1,891.54. The Dow Jones Industrial Average (DJI) dipped in and out of negative territory and was last 4 points higher at 16,537.58. The Nasdaq Composite (RIXF) added 8 points, or 0.2%, to 4,140.25.

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Ahead of the market open, stock futures got a lift from strong manufacturing data out of China and Japan, however, gains quickly dissipated. Data on unemployment benefits weighed on sentiment. New applications for unemployment benefits rose sharply in mid-May, reversing a big drop earlier in the month that put initial claims at a seven-year low.

Sales of existing homes rose 1.3% in April to a seasonally adjusted annual rate of 4.65 million, the National Association of Realtors reported Thursday, mostly in line with expectations.

The leading economic index for the U.S. ticked up in April to 101.4, the Conference Board said Thursday, while manufacturing picked up to a 3-month high in May, according to the flash purchasing managers index released by Markit on Thursday.

In earnings news, Best Buy (BBY) shares jumped 6.5% after the retailer's adjusted first-quarter profit beat expectations.

Dollar Tree (DLTR) posted first-quarter results that were in line with expectations. Shares rallied 7.9%.

After the market closes, Hewlett-Packard Co. (HPQ) and Gap Inc. (GPS) are among companies set to report. Best Buy, Dollar Tree, H-P are stocks to watch

Sears Holdings (SHLD) said it would close 80 stores this year as its fiscal first-quarter loss widened amid falling revenue and weak same-store sales. Shares fell 3.9%.

Shares of Williams Sonoma Inc. (WSM) rose 7.3% after the kitchenware retailer late Tuesday reported a rise in its first-quarter profit, beating forecasts.

European stocks got a boost from preliminary euro-zone PMI data that confirmed business activity in the region continued to pick up in May. In Asia, the Nikkei 225 index was the best-performing market, up 2.1% after Markit released its first-ever preliminary version of Japan's manufacturing index, which rose to a two-month high of 49.9 in May.

Gold for June delivery (GCM4) added $10 to $1,299.0 an ounce, while crude for July delivery (CLN4) eased and the dollar lost ground against the euro (EURUSD) after that upbeat PMI data.

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