NEW YORK (AP) -- Wall Street headed to a narrowly mixed opening Thursday after Exxon Mobil Corp. missed profit projections despite record oil prices and new data showed more uncertainty in the economy.
The world's biggest publicly traded oil company said profit rose 17 percent to $11 billion during the first quarter. However, lower production volumes caused Exxon Mobil's profit margins to shrink.
Also weighing on investors was a report from the Commerce Department that said consumer spending rose at a faster pace than expected in March, but that most of those gains were due to surging prices for energy and food. Stripping out inflation, spending edged up only 0.1 percent during the month.
Meanwhile, the Labor Department said the number of newly laid off workers filing claims for unemployment benefits soared last week. Claims for unemployment benefits rose by 35,000 to 380,000. Private economists had expected claims would rise by a smaller 18,000. The report on jobless claims came a day ahead of a report on unemployment for April.
Dow Jones industrial average futures fell 6, or 0.04 percent, to 12,801. Standard & Poor's 500 index futures fell 0.60, or 0.04 percent, to 1,385.40, while Nasdaq 100 index futures rose 4.75, or 0.25 percent, to 1,928.00.
While investors are keeping a close eye on corporate earnings, the economy has been the bigger focus in recent weeks. Stocks closed mixed Wednesday after the Federal Reserve cut interest rates by a quarter point, but failed to give a firm indication about its future moves.
Policymakers likely need more economic data before being confident enough to put rates on hold. The Fed might get some answers from fresh data due during the session, including the Institute for Supply Management's report on April manufacturing activity that will be issued at 10 a.m. EDT.
The ISM's report is expected to show manufacturing declines for the third consecutive month. Also on tap were reports on March personal income and spending data, weekly jobless claims and March construction spending.
Bond prices fell in premarket trading. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.76 percent from 3.73 percent late Wednesday.
Light, sweet crude fell 36 cents to $113.10 a barrel in electronic trading on the New York Mercantile Exchange.
Overseas, Japan's Nikkei stock average fell 0.60 percent. European markets were closed.
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