* Macy's profit plunges, drags down retail stocks
* Weekly jobless claims fall to 236,000 - report
* Snap Inc sinks on disappointing revenue, user growth
* Futures down: Dow 49 pts, S&P 6.75 pts, Nasdaq 19.25 pts
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
May 11 U.S. stocks were on track to open
slightly lower on Thursday as Macy's weak earnings weighed on
the retail sector.
Macy's shares plunged nearly 12 percent in premarket
trading after the largest U.S. department store operator
reported a quarterly profit that fell well below analysts'
Shares of other department store operators, including
Dillard's and J.C. Penney, also fell. Kohl's
declined despite beating profit estimates.
"Retail is front-and-center because it has been a sore area
for the market over the last year or two," said Adam Sarhan,
chief executive officer at 50 Park Investments.
Dow e-minis were down 49 points, or 0.23 percent,
with 15,248 contracts changing hands.
S&P 500 e-minis were down 6.75 points, or 0.28
percent, with 114,421 contracts traded.
Nasdaq 100 e-minis were down 19.25 points, or 0.34
percent, on volume of 21,944 contracts.
A report showed unemployment claims unexpectedly fell last
week, pointing to a rapidly tightening labor market that could
encourage the Federal Reserve to raise interest rates in June.
"From an investing standpoint, the market looks at the
economy and so far there hasn't been any major disaster, so
stocks will continue to rally," Sarhan said.
The Dow fell slightly, while the S&P 500 and the Nasdaq
edged up on Wednesday as investors digested Comey's sacking and
a batch of weak earnings. Nasdaq also closed at a record high.
Shares of Snapchat owner Snap Inc plunged 22
percent in heavy premarket trading after the company reported a
slowdown in user growth and revenue in its first earnings report
as a public company.
Straight Path plunged nearly 22 percent to $175.95
after agreeing to be bought by Verizon for $184 per share
and terminated an earlier deal with AT&T.
Whole Foods was up 3.4 percent after the grocer
shook up its board and appointed a new CFO.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by