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NEW YORK (CNNMoney)
U.S. stock futures were making small advances ahead of the market open.
A day after the Federal Reserve released minutes saying it would proceed cautiously in scaling back its massive monetary stimulus, investors will get another update on the health of the U.S. economy with the government's weekly report on initial jobless claims at 8.30 a.m. ET.
Fed bond buying helped drive the record-setting stock run-up in 2013, and markets have begun this year in a reflective mood.
"With plans to reduce extraordinary stimulus having been taken as a sign of economic recovery, market optimism may now itself need tapering given the Fed caution," said Mike van Dulken, head of research at Accendo Markets.
European markets were mixed in morning trading. Investors were awaiting rate-setting decisions from both the Bank of England and the European Central Bank. ECB President Mario Draghi will hold a press conference at 8:30 a.m. ET to discuss the state of the European economy.
Related: Fear & Greed Index
On the corporate front, grocery store chain Supervalu (SVU, Fortune 500) is scheduled to report quarterly results before the opening bell, while aluminum producer Alcoa (AA, Fortune 500) is up in the afternoon.
Macy's (M, Fortune 500) shares surged in after-hours trading Wednesday after the department store operator revealed cost-cutting plans that included laying off of 2,500 workers.
Bed Bath & Beyond (BBBY, Fortune 500) shares sank after the retailer reported quarterly earnings that missed estimates.
Related: Investors bet big on big banks
U.S. stocks finished mixed Wednesday. Stocks have been relatively soft since the start of the year.
Most major Asian markets posted losses Thursday.
The Nikkei in Japan dropped by 1.5%. The index surged by 56.7% in 2013 -- its biggest annual rise in over 40 years.
First Published: January 9, 2014: 5:05 AM ET
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