Major U.S. stock indices fluctuated in the morning session on Thursday, paring earlier gains as commodities prices lifted basic materials stocks.

However reports of higher than expected unemployment claims and disappointing corporate revenues are weighing on the market.

The S&P 500 Index, is up 0.81 points, or 0.07 percent, to trade at 1,100.132 at 10:44 am.  The Dow Jones Industrial Average is up 19.05 points, or 0.18 percent, to trade at 10,328.29.

March oil futures rose 0.66 percent to trade at $77.84 and February copper futures rose 1.07 percent to trade at $3.273.     The stock market is also buoyed by the Philly Fed Manufacturing Index, which edged above expectations and showed expanding manufacturing activities. 

Freeport-McMoRan (NYSE:FCX) is up 1.14 percent and Newmont Mining (NYSE:NEM) is up 3.13 percent.

Disappointing unemployment claims were reported at 8:30 am this morning.  The reported figure of 473,000 was up 31,000 from last week and soared above expectations of 438,000, according to a Bloomberg survey. 

Disappointing corporate revenues also weighed on the market.

Wal-Mart (NYSE:WMT) topped estimates for earnings when it reported an adjusted quarterly EPS of $1.17 but its revenues missed analysts' expectations.  Its shares are down 1.74 percent.

Similarly, Nvidia (NASDAQ:NVDA), the graphic processing unit (GPU) giant, beat estimates for earnings but dipped below estimates for revenues.  Its chipset sales were particularly disappointing.    Its shares are down 7.34 percent.

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