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- Before the bell: Stocks set for lower open as banks slump
Before the bell: Stocks set for lower open as banks slump
U.S. stocks were expected to take a hit early Thursday, as the world's largest banks fell and dragged on equity markets, and the Labor Department reported an expected increase in jobless claims.
Late Wednesday, the Senate issued a 600-page report slamming Goldman Sachs as a "case study" of the recklessness and greed.
In premarket trading, Goldman Sachs (GS, Fortune 500) shares fell 1.2%, Bank of America (BAC, Fortune 500) fell 0.5%, and JPMorgan Chase (JPM, Fortune 500) shares were down 0.4%.
Economy: The Labor Department reported that first-time jobless claims increased by 27,000, to a weekly total of 412,000. The number came in higher than expected.
Wall Street was expecting initial claims to have totaled 385,000 claims last week.
The U.S. Bureau of Labor Statistics reported that the Producer Price Index rose 0.7% in March. Producer prices were expected to have risen 1.1% in March.
Companies: Google (GOOG, Fortune 500) reports its quarterly results after the close. Analysts expect the Internet search company's first-quarter profit will jump to $8.10 a share, compared to the $6.76 a share last year.
Google's stock was near its September 2007 levels, falling 9% since Eric Schmidt announced in January that he'd be stepping down as CEO.
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