Another up and down day on Wall Street saw all three major averages finish green, with the blue chips crossing the break even live 108 times during the session. Stocks rose modestly in the premarket following better than expected weekly jobless claims, which fell by 52,000.

The Dow Jones industrial average rose 4.76, or 0.1 %, to 8,183.17 while the broader Standard & Poor’s 500 index rose 3.12, or 0.4 %, to 882.68, while the Nasdaq composite index gained 5.38, or 0.3 %, to 1,752.55. In other trading, the Russell 2000 index of smaller companies slipped 0.41, or 0.1 %, to 479.27.

Crude snapped its week long losing streak, rising 27 cents to settle at $60.41 a barrel on the NYMEX. Mortgage applications have jumped in recent weeks, as rates have steadily fallen into the mid 5.25% range, however the yield on the benchmark 10 year note rose 10 basis points Thursday as bond prices fell.

Morning Outlook

Asian markets fell overnight, with Hong Kong’s Hang Seng falling 82.17, or 0.5 %, to 17,708.42 while South Korea’s Kospi lost 0.2 %. In Japan, the world’s second largest economy saw its Nikkei index turn negative for the 8th straight session, closing down 3.78 points to 9,287.28.

Major averages fell in Europe during afternoon trading on the expected lower opening later in the U.S. The FTSE 100 index of leading British shares was down 31.09 points, or 0.8 %, at 4,127.57 while Germany’s DAX fell 35.02 points, or 0.8 %, at 4,595.05. The CAC-40 in France was 22.99 points, or 0.8 %, lower at 3,002.95.

On Wall Street, uncertainty over corporate earnings and forecasts going forward, coupled with falling markets around the globe sent futures in the U.S. downward. Dow Jones industrial average futures were down 70, or 0.9 %, at 8,064. Standard & Poor’s 500 index futures were down 7.20, or 0.8 %, at
871.70, while Nasdaq 100 index futures were down 7.25, or 0.5 %, at 1,406.25.

GM is Back Baby!

Leaner, Meaner, and Greener, General Motors emerged from bankruptcy a mere 40 days and $50 billion in taxpayer funds since its filing. The new company, which has some $40+ billion in liabilities, will be offset by its main product lines of Buick, GMC, Chevrolet, and Cadillac.

Economic Calendar

8:30 AM
International Trade: Measures the difference between imports and exports of both tangible goods and services. Imports may act as a drag on domestic growth and they may also increase competitive pressures on domestic producers. Exports boost domestic production. We have had huge trade deficits in recent years, with foreign countries able to produce goods cheaper. The trade gap is expected to contract to $28.8 billion in May on reduced demand for imports as well as U.S. products abroad. The trade gap narrowed by $29.2 billion in April.

9:55 AM
Consumer Sentiment: Consumer sentiment is directly related to the strength of consumer spending, by questioning 500 households each month on their financial conditions and attitudes about the economy. The consensus reading for July is 71.5, up from June’s last reading of 70.8. The employment situation for June may drive this figure to the low end of the range on job security and wage concerns.