MARKET SNAPSHOT: U.S. Stocks: Futures Under Pressure; CPI Flat

By Anora Mahmudova and Barbara Kollmeyer, MarketWatch European PMI data was weakest in 16 months

NEW YORK (MarketWatch) -- Stock futures, already under pressure Thursday after a batch of weak economic indicators from Europe and China, extended losses slightly after jobless claims and CPI data were released.

Weekly jobless claims remained below 300,000 for the 10th straight week, while consumer prices were flat in October. Both releases were roughly in line with expectations.

Data on manufacturing and existing-home sales is due later this morning.

"The market is consolidating at the higher end of this range, which is obviously at records, but basically it's pretty good considering the runup we've had," said Peter Cardillo, chief market economist at Rockwell Global Capital.

Futures for the Dow Jones Industrial Average (DJZ4) dropped 80 points, or 0.5%, to 17,577, while those for the S&P 500 (SPZ4) fell 9.6 points, or 0.5%, to 2,038.90. Futures for the Nasdaq-100 index (NDZ4) slid 16 points, or 0.4%, to 4,208.25.

Markit reported that the flash November reading for the composite purchasing managers index in the eurozone dropped to 51.4, its lowest level in 16 months. After the release, European stocks tumbled, as did the euro (EURUSD) versus the dollar.

The data confirms that the eurozone is still in rough shape. Germany's own November preliminary manufacturing survey came in at 50.0, versus an expected 51.5. Stock futures were also dealing with weakness in a similar gauge out of China, which showed factory activity declined in November, after gaining in the prior month. PMI data out of Japan was also weak.

The S&P 500 index (SPX) snapped a four-day run on Wednesday, closing 3.1 points to 2,048.72, while the Dow industrials (DJI) ended down a couple of points, but still managed its second-highest close in history at 17,685.73. The Federal Reserve minutes revealed scant detail about the central bank's policy plans.

Goldman's call for S&P 500 and data on tap: The investment bank said in its equity outlook for 2015 that the S&P 500 should rise to 2,100 by the end of that year, making for a "modest" 5% total return. It added that the market reaction to the first Federal Reserve rate hike in six years should be "benign."

But Goldman also said 2015 will be challenging for active equity managers, with low volatility continuing to be a theme. The S&P 500 will rise to 2,150 by mid-year, but then slip during the second half, it forecast.

In economic news, U.S. consumer prices were flat in October as plunging gasoline costs offset increases in housing, medical and airline fares, the government said Thursday.

The number of people who applied for new unemployment benefits totaled fewer than 300,000 for the 10th straight week, reflecting the low level of layoffs in the U.S. as the economy continues to strengthen.

(Also see: Consumer spending to benefit from gas that is cheaper than milk http://www.marketwatch.com/story/consumer-spending-to-benefit-from-gas-thats-cheaper-than-milk-2014-11-19.)

At 10 a.m. Eastern Time, the Philadelphia Fed's survey of manufacturers for November should offer evidence on whether a weaker global economy is dampening exports. At the same time, existing-home sales for October will be released, as will leading indicators for that month.

Cardillo said the data will probably continue to point to an expanding economy, "so any pullback [in stocks] is just a normal process of consolidation phase," he said.

Stocks in focus: Best Buy Co.(BBY) shares are up 7% after earnings beat forecasts. Still to come: Sears Holdings Corp.(SHLD) and Dollar Tree Inc.See Stocks to Watch

Salesforce.com(CRM) may see pressure after the cloud-computing company's weak outlook overshadowed its slight beat on the third quarter.

Caesars Entertainment Corp.(CZR) could add to a 16% late-session boost after Bloomberg News reported the casino operator plans to turn its largest unit into a real-estate investment trust.

Dollar Tree(DLTR) reported that fiscal third-quarter profit rose to $133 million, or 64 cents a share, from $125.4 million, or 58 cents a share, in the year-earlier period.

Dollar surges anew against yen: The dollar(USDJPY) rose against the Japanese yen, pushing past Yen118.24, but pulled back slightly. The Nikkei 225 index closed flat. Gold (GCZ4) pared some losses, while oil (CLZ4) ticked up slightly.

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