Claims data stunner to pull down Russell on open

Small-cap stocks are expected to open lower, pulled down by a stunning jump in weekly unemployment claims, which jolted investors a day ahead of the monthly employment release. The Russell 2000 (NYSE:IWM) was up about 0.3% before the claims number was released, but now is expected to open down 0.5%, which suggests an open near 715.00.

The weekly claims figure shot to 448,000, which was way above the forecast of 395,000. In fact, it was the largest weekly claims figure in more than five years. The immediate response to the number was a rise in Treasury products, a slide in the U.S. dollar and a whopping 11-handle decline in S&P 500 futures.

At the same time that the weekly claims figure came out, the GDP report also was released. The headline number for GDP came in at 1.9%, which was below the forecast of 2.2%. While GDP also was a disappointment, the fury behind the slide in stocks and the dollar was clearly fueled by the weekly claims shocker.

Crude oil prices stalled overnight, and were down about $0.60 a barrel near $126 heading toward the U.S. open. Energy prices shot $4 dollars a barrel higher Wednesday afternoon on a surprising drop in gasoline stocks seen on the weekly storage data, but that move appears to have lost momentum early today.

There is a potpourri of big-name stocks in the news this morning, with some 40 of the S&P 500 slated to release earnings today. In the financial arena Prudential Financial Inc. (NYSE:PRU) rallied some 5% overnight as losses from subprime . . .

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