By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
Ctrip soars on Priceline stake
Ctrip soars on Priceline stake
NEW YORK (MarketWatch) -- U.S. stock futures trimmed gains on
Thursday, after weekly jobless claims fell bellow 300,000 again, in
a sign that the labor market is improving faster than expected.
Stronger economic data has prompted fears that the Federal
Reserve may begin rate hikes sooner than anticipated.
Investors also reacted to Mario Draghi's press conference, after
the European Central Bank left key rates unchanged.
Futures for the Dow Jones Industrial Average (DJU4) rose 40
points to 16,435, while the S&P 500 index (SPU4) gained 7
points to 1,921. Futures for the Nasdaq-100 index (NDU4) tacked on
12 points to 3,880.50.
The number of people who applied for unemployment benefits fell
below 300,000 for the second time in three weeks, solidifying a
picture of an improving U.S. labor market in which layoffs remain
low and companies are hiring at the fastest pace in years.
At 3 p.m. Eastern Time, the Federal Reserve will report on
consumer credit for June.
Russia was in the headlines after revealing the specifics of its
food-import ban, introduced in retaliation against sanctions.
European questions
Stock futures stayed more or less where they were after the ECB
said it would leave key rates unchanged. Wall Street put on a
lackluster performance on Wednesday, with the S&P 500 index
(SPX) finishing flat at 1,920.23 and the Dow Jones Industrial
Average (DJI) inching up 0.1% to 16,443.34. Also: A big week for
IPOs could have sparked last week's S&P selloff.
ECB President Mario Draghi is speaking at a news conference to
elaborate on rate cuts of two months ago. See ECB preview: The
charts that should keep Mario Draghi up at night
Meanwhile, Russia has banned a wide range of foodstuffs from the
U.S., members of the European Union and other nations.
European stocks had trouble getting started, with the main Stoxx
600 index flat. In Asia, the Shanghai Composite Index tumbled 1.3%
and Hong Kong's Hang Seng Index fell to its lowest settlement in
nearly two weeks as casino shares dropped.
Corporate front
Mylan Inc.(MYL) eased 1% in premarket after posting a 30% fall
in earnings as higher expenses masked a revenue rise for the
generic-drug company.
Shares of Keurig Green Mountain Inc.(GMCR) may follow up a
late-session loss with more downside in premarket trading. The
coffee company reported quarterly sales below estimates.
Priceline Group Inc.(PCLN) said after the close of markets on
Wednesday that it plans to take a $500 million stake in Ctrip.com
International Ltd. (CTRP), China's largest online travel company.
The two companies already have a commercial agreement. Ctrip
rallied 12% in premarket trading.
Google Inc. (GOOG) and Barnes & Noble Inc. (BKS) are teaming
up to take on rival Amazon Inc. (AMZN) in the speedy delivery of
books, the New York Times reported Thursday. Barnes & Noble
stocks were 1.5% higher.
Shares of iDreamSky Technology Ltd. (DSKY) will begin trading on
the Nasdaq Thursday. The company describes itself as the biggest
independent mobile-game publishing platform in China. Read more
about what to know about the iDreamSky IPO.
Also read: A big week for IPOs could have sparked last week's
S&P selloff.
In other markets, gold prices (GCU4) pulled back but held above
the $1,300-an-ounce level, while oil (CLU4) eased off and the
dollar (DXY) inched higher.
More must-reads from MarketWatch:
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Cash-rich spending spree is sign of a growing tech bubble
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