U.S. stock index futures pared some of its earlier gains Thursday after the weekly jobless claims rose more than expected and as investors digested a bag of mixed earnings reports.
Jobless claims jumped 34,000 last weekto a seasonally adjusted 386,000, according to the Labor Department. Economists surveyed by Reuters had forecast claims rising to 365,000. The four-week moving average for new claims fell 1,500 to 375,500.
Among earnings, Morgan Stanley tumbled after the financial giant missed earnings expectations, hurt by a sharp decline in its trading-related businesses. The results come as a surprise to analysts who had also expected the company to beat following better-than-expected earnings news from rivals JPMorgan,Goldman Sachs, Citigroup and BofA in the last week.
IBM rallied after the tech giant boosted its full-year earnings target, even after it posted a quarterly revenue shortfall. BMO raised its price target on the company to $205 from $200.
Fellow Dow component Verizon posted earnings in line with forecasts, while revenue topped Wall Street's expectations.
And Travelers edged lower after the insurance company reported profit that missed expectations.