Now that the Fed's June meeting is out of the way, the focus on economic data will intensify as investors try to find a road map for the markets.
There are a few economic headlines expected Thursday. Weekly jobless claims are at 8:30 am New York time as is first quarter real GDP. Existing home sales for May are released at 10 am.
The direction of oil and the dollar will also factor in. Two disappointing after the bell tech earnings reports could pressure Nasdaq.
Research in Motion earnings of $482.5 million and $2.24 billion in revenues were double, but the company missed analysts' estimates by a penny. The company also put its current quarter earnings at the low end of analysts' range and said it would increase spending to support new products. RIM's stock was punished in the after hours. Remember, there had been a lot of bullish street talk from analysts going into this report.
Oracle's net rose to $2.04 billion from $1.6 billion, but it too talked down expectations and its stock sold off.
Dow a Dud
The stock market initially moved higher after the Fed announced it was leaving rates unchanged Wednesday afternoon. In its statement, the Fed showed increased concern about inflation. The Dow finished up just 4 points to 11,811 after a triple digit rally fizzled, while the Nasdaq finished up 32 points or 1.2 percent. The S&P 500 was up 7 points or 0.5 percent. Oil moved off its lows after the Fed decision, finishing the day down $2.45 at $134.55 per barrel. The dollar was off 0.67 against the euro at $1.5676.