Wall Street headed for a modestly higher open Friday as investors watched oil prices hit a new record high and awaited data on new home construction last month.

The weak economy took its toll on department stores on Thursday, as retailers Nordstrom, Kohl's and J.C. Penney reported lower first-quarter net profits, with all citing challenges stemming from the weakened U.S. economy.

By Alexandria Sage

Kohl's Corp <KSS.N>, a mid-priced retailer of apparel and home goods, reported lower first-quarter profit on Thursday, and said its sales outlook remained conservative for the year.

CHICAGO (Reuters) - Kohl's Corp <KSS.N>, a mid-priced retailer of apparel and home goods, reported lower first-quarter profit on Thursday, and said its sales outlook remained conservative for the year.

In a week stacked with retailers' earnings, Kohl's Corp., J.C. Penney Co. and Nordstrom Inc. are set to report quarterly earnings results Thursday.

Major business events and economic events scheduled for Thursday:

Macy's Inc <M.N> reported a quarterly loss on Wednesday, hurt by restructuring costs and falling sales, but the department store operator stood by its full-year earnings forecast and its shares rose as much as 8 percent.

By Nicole Maestri

Shares of department stores rose Wednesday after Macy's Inc. reported better-than-expected first-quarter results and reiterated its full-year forecast.

Retailer Macy's reported a quarterly loss Wednesday as a difficult retail environment hurt sales and it incurred costs from a restructuring.

With millions of stimulus checks going out to taxpayers, Wall Street wants to know where that money will be spent — and this week's data could help investors gauge the mind-set of the average consumer.

After slashing inventory and cutting expenses, the retail industry is still bracing for the largest overall quarterly profit decline in at least nine years when merchants report their first-quarter earnings this week.

After slashing inventory and cutting expenses, the retail industry is still bracing for the largest overall quarterly profit decline in at least nine years when merchants report their first-quarter earnings this week.

Major business events and economic events scheduled for the coming week (some dates are tentative):