Wall Street set for lower open as Wal-Mart weighs

Wal-Mart Stores Inc reported a 5 percent fall in quarterly profit as severe winter weather hurt comparable sales in the United States. The stock was down 3 percent in premarket trade.

Kohl's Corp shares also fell 3 percent in premarket trade after the specialty department retailer reported weaker-than-expected first-quarter results.

The number of Americans filing new claims for unemployment benefits fell last week to its lowest level in seven years, fresh evidence that the labor market was strengthening.

U.S. consumer prices recorded their largest increase in 10 months in April, pointing to some inflation in the economy.

Federal Reserve Chair Janet Yellen is due to deliver a speech on Thursday evening at a Small Business Administration event in Washington.

S&P 500 e-mini futures fell 3 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average e-mini futures lost 13 points while Nasdaq 100 e-mini futures added 1 points.

The Dow and S&P 500 retreated from recent record highs on Wednesday as small caps resumed their selloff and consumer discretionary shares lagged.

Shares of Cisco Systems Inc were up 6.5 percent in premarket trade. The network equipment maker posted a shallower-than-expected 5.5 percent drop in quarterly revenue.

General Motors shares fell 1.3 percent after the company announced five recalls related to safety.

(Reporting by Angela Moon; Editing by Chizu Nomiyama and Nick Zieminski)

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