Stock futures flat ahead of economic data

NEW YORK (AP) — Stocks headed for a flat open Thursday ahead of economic readings that are expected to show the economy is more stable, but still weak.

U.S. stock futures initially edged up in premarket trading, but then pared their gains ahead of government reports on new home sales, durable goods orders and jobless claims.

Economists surveyed by Thomson Reuters predict that sales of new homes rose in April for the second month in a row, and that durable goods orders rebounded last month. But claims for unemployment benefits are expected to have risen.

Before the market's open, Dow Jones industrial average futures rose 3, or less than 0.1 percent, to 8,300. Standard & Poor's 500 index futures slipped 0.10, or less than 0.1 percent, to 892.40. Nasdaq 100 index futures rose 0.75, or less than 0.1 percent, to 1,404.75.

Government bonds saw buying pick up in early trading. The yield on the benchmark 10-year Treasury note, which moves opposite its price, pulled back to 3.70 percent from 3.75 percent late Wednesday. The 10-year yield has been hitting six-month highs.

While many investors are betting the economy will rebound later this year, companies across various industries are still hurting.

The discount retailer Costco Wholesale Corp. said its most recent quarterly profit sank 29 percent, due partly to lower sales of big-ticket discretionary items. Costco shares slipped in premarket trading.

Auto parts supplier Visteon Corp. said it has filed for Chapter 11 bankruptcy protection. The news followed Wednesday's announcement from General Motors Corp. that a debt exchange offer failed, making bankruptcy appear almost certain for the automaker.

In other corporate news, Time Warner Inc. announced it will spin off AOL from Time Warner into a separate, publicly traded company. The move was widely expected.

The dollar was mixed against other major currencies. Gold prices fell.

Light, sweet crude was unchanged at $63.45 a barrel on the New York Mercantile Exchange.

Overseas, Japan's Nikkei stock average edged up 0.1 percent. In afternoon trading, Britain's FTSE 100 fell 1.2 percent, Germany's DAX index fell 1.2 percent, and France's CAC-40 fell 1 percent.

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