Mild opening dip projected as data fails to energize bulls

Small-cap stocks are expected to open slightly lower Thursday, pulled down by a rise in weekly unemployment claims data, and a GDP report that failed to deliver any upside surprise. The Russell 2000 (NYSE:IWM) was expected to open near 737.

The GDP headline figure matched the market forecast for a rise of 0.9%, but the claims report showed an increase in this week’s figure to 372,000, and an upward revision to last week’s report to 368,000, from 365,000. The initial reaction to the data spree was about a two-handle dip in S&P 500 futures.

The dollar was on firm footing overnight, which should be a supportive element in play for stocks this morning. Even after the market showed slight disappointment with the economic reports, the dollar still was up about 0.4% against both the euro and the yen.

Overseas stock market activity was mostly higher, which also could underpin U.S. equities early on today. Japan shares jumped 3%, while Hong Kong was up 0.5%, South Korea up 2.2%, Australia up 1% and Singapore up 0.8%.

Large caps in the news this morning include Sears (Nasdaq:SHLD), which posted a surprise loss in the first quarter, and whose shares took a beating overnight, at one point down about 4%. However, the retail news was mixed, with Costco (Nasdaq:COST) up about 1.9% on strong earnings numbers.

On the small-cap front, US Airways (NYSE:LCC) gained about 6% overnight . . .

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