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5/11/12 Premarkets: Stocks: Choppy trading ahead - Nov. 15, 2012

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Stocks: Choppy trading aheadBy CNNMoney Staff @CNNMoneyInvest November 15, 2012: 8:03 AM ET

Click the chart f or more premarket data.

NEW YORK (CNNMoney) -- U.S. stock futures lost traction, signaling a lower open Thursday, ahead of a busy day packedwith key economic reports, speeches from Federal Reserve officials and events overseas.

Early Thursday, investors were already mulling over global headlines. China's ruling Communist Party named its nextseven leaders, the eurozone officially entered a double-dip recession and Israel launched a series of blistering air strikes Wednesday on what it said were terrorist targets in Gaza.

In the United States, investors are looking ahead to reports on initial jobless claims, inflation and manufacturing. However,above all else, fiscal cliff fears remain a heightened concern for market participants.

"With expected tax increases, investors are looking for opportunities to sell as opposed to reasons to buy," said Jay

Feuerstein, CEO and CIO of 2100 Xenon. "Our stock market tries to rally and then by midday falls flat. I'm looking for anynews or hint of conciliation politically, otherwise I think it's dangerous trading."

President Obama met with CEOs Wednesday to discuss the fiscal cliff and is scheduled to meet with Congressionalleaders Friday.

The report on initial jobless claims, due at 8:30 a.m. ET, is expected to show 388,000 people filed for their first week of unemployment benefits last week. But the data has recently been distorted by Superstorm Sandy.

Meanwhile, the Consumer Price Index is expected to show inflation remained tame in October, ticking up 0.1% during themonth.

The Federal Reserve Bank of Philadelphia will release its monthly manufacturing survey at 10 a.m. ET.

 Around 1:20 p.m. ET, Federal Reserve Chairman Ben Bernanke is due to deliver remarks on the housing market at an eventin Atlanta. Regional Fed presidents Jeffrey Lacker  of Richmond, Charles Evans of Chicago, Richard Fisher  of Dallas andCharles Plosser of Philadelphia are also scheduled to give speeches Thursday.

U.S. stocks fell more than 1% Wednesday.

Fear & Greed Index

The eurozone officially slipped into recession in the third quarter, as official figures showed growth among the 17 eurocountries shrinking 0.1%. It's the second recession in the area since 2009.

European stocks were lower Thursday morning. Britain's FTSE 100 shed 0.5%, the DAX in Germany lost 0.8% andFrance's CAC 40 fell 0.2%.

Full coverage on Europe's Debt Crisis

On Thursday, China's ruling Communist Party named seven men to its powerful Politburo Standing Committee in a highlyorchestrated ceremony that emphasized party unity and held out little immediate prospect of bolder economic reforms.

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 Asian markets ended mixed. The Shanghai Composite dropped 1.2% and the Hang Seng in Hong Kong dropped 1.5%%,while Japan's Nikkei surged 1.9%.

Related: Meet China's new leaders

Wal-Mart ( , Fortune 500) shares slid 3.4% in premarket trading, after the retail giant's revenue fell short of forecasts, and the company cited currency fluctuations and "economic conditions," as negative factors impacting its sales.

"Current macroeconomic conditions continue to pressure our customers," said Charles Holley, Wal-Mart's executive vice

president and chief financial officer, in a statement.

Target ( , Fortune 500) shares fell 0.3% after the retailer reported earnings in line with forecasts, but missed revenueforecasts.

Currencies and commodities: The dollar fell against the euro and the British pound, but rose against the Japanese yen.

Oil for December delivery fell 5 cents to $86.27 a barrel.

Gold futures for December delivery fell $10 to $1,720.10 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.61% from 1.59% late Wednesday.

First Published: November 15, 2012: 6:14 AM ET

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