NEW YORK (CNNMoney)
All three major U.S. indexes were down in early trading, although the Dow is hovering around even.
Tech stocks have been in focus the past few days as investors weigh whether momentum stocks have lost their luster. This morning Google (GOOG, Fortune 500), Yahoo (YHOO, Fortune 500) and Tesla (TSLA) all opened over 1% lower.
Jobless claims fell to a seven year low in the latest week, but economists note that this time of year is a notoriously unreliable period for claims that may not accurately gauge the true health of the jobs market.
Stocks rallied yesterday after minutes from the latest Federal Reserve meeting seemed to indicate that interest rates will remain low for some time, but that momentum seems to have faded in early trading.
The other big news of the morning is eBay (EBAY, Fortune 500). The stock is lower after an announcement that the company and activist investor Carl Icahn have reached a deal to end a contentious proxy battle. Icahn will withdraw his proposal to spinoff eBay's PayPal unit and relent on his request for two board seats.
For its part, eBay has agreed to appoint David Dorman as an independent director. Dorman is currently chairman of CVS Caremark. (CVS, Fortune 500)
Related: Fear & Greed Index still running scared
Retailers are in the midst of reporting their earnings. Rite Aid (RAD, Fortune 500) shares are surging after the drugstore chain reported better than expected fourth quarter results.
It was also a pretty picture for home decor retailer Pier 1 (PIR) shares are higher after announcing earnings that surprised on the high end of Wall Street expectations.
In contrast, shares in retailer Bed Bath & Beyond (BBBY, Fortune 500) are tumbling after the company warned that it expects first quarter earnings to miss expectations.
And the biggest IPO to hit Wall Street so far this year started trading this morning. Ally Financial (ALLY), the old GM finance arm that was bailed out by the government, priced last night at $25 a share -- the low end of expectations. It started trading shortly after the bell and has been below its start price ever since.
Related: CNNMoney's Tech30
Major European markets were moving higher in midday trading in the afterglow of Wednesday's rally on Wall Street.
Investors across Europe are watching as Greece returns to the bond market for the first time in more than four years. The country is looking to raise money by issuing five-year bonds, and demand is reported to be strong.
Greece was shut out of international markets in 2010 when its economy collapsed, leading to two rescues by the European Union and International Monetary Fund.
Meanwhile, in Asia, nearly all the major stock markets ended with gains. The Hang Seng in Hong Kong shot up by 1.5% and the Shanghai Composite added 1.4%.
First Published: April 10, 2014: 10:06 AM ET
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