US futures edge lower after extraordinary run

AP News
Posted: May 09, 2013 9:07 AM

NEW YORK (AP) — Stock futures edged lower Thursday following an extraordinary streak for U.S. markets this week.

Dow futures slipped 25 points to 15,037. The broader S&P futures fell 3.9 points to 1,624.80. Nasdaq futures fell 11.25 points to 2,950.50.

U.S. unemployment aid applications fell to 323,000, lowest in more than 5 years, the Labor Department said Thursday. The less-volatile four-week average fell to 336,750, a level not seen since November 2007, before the recession began.

Corporate strength is also leading to renewed confidence in U.S. equities in recent weeks.

Mortgage giant Fannie Mae earned a record $58.7 billion in its first quarter, the company said Thursday.

Tesla Motors posted its first quarterly profit after the market closed Wednesday, and shares soared more than 13 percent in premarket trading Thursday. Shares of Groupon jumped after it did better than Wall Street had expected.

The government on Thursday also releases its March wholesale inventory report and economists expect that surging sales bumped up wholesale inventory levels.

Retailers are also reporting sales numbers for April.

Better corporate and economic data have sent U.S. markets to new heights. The Dow closed above 15,000 for the first time Tuesday and then again on Wednesday.