Wall Street to open lower on weak data, earnings

U.S. stocks were set to open lower on Thursday weighed by soft data out of Europe and China, while companies such as Procter & Gamble and 3M joined others in issuing disappointing forecasts. Initial claims for state unemployment benefits increased 1,000 to a seasonally adjusted 295,000 for the week ended April 18, above the forecast of 290,000. The fall in European stock markets and the weaker PMI numbers across the board dragged futures lower on Wall Street according to Donald Ellenberger,