Russell 2000 futures decline

The Russell 2000 (NYSE: IWM) futures are lower and the small-cap index will open with a drop on weak economic news.

The U.S. Commerce Department did not change its initial estimate for fourth-quarter economic growth, reaffirming its preliminary projection for a 0.6% annual rate. The economy grew 4.9% during the third quarter.

More worrying than the preliminary GDP number, today’s estimate revised upward inflation gauges.

Separately, the U.S. Labor Department said that jobless claims for the week ended Feb. 23 increased.

The Russell 2000 was basically flat at the close Wednesday, after stalling near Tuesday’s highs, leaving yet another double-top formation on daily studies. The index finished at 716.44, down 0.88 point, or 0.12%, and traded in a relatively tame range given the potential volatility that could have flared up around Federal Reserve Chairman Ben Bernanke’s testimony.

Bernanke's back on the docket today at 10:00 a.m. ET, testifying on the economy before the Senate Banking Committee. Although much of the tilt may be a repeat of Wednesday’s Congressional presentation, there could be fresh bits that filter through and have an impact on stocks. Look for resistance Thursday at 723.50 and 731, while support looms down at 712, 704 and 694.

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