Early indications point to a steady open on better-than-expected economic data, but trading is likely to remain cautious ahead of new home sales data and after big losses suffered the day before. Less than an hour before the opening bell on Wall Street, stock index futures indicate that the Dow Jones Industrial Average might recover 20 or 30 of the 171 points lost Wednesday.

Orders for durable goods jumped during the month of April. According to data released an hour before the start of trading in New York, orders rose 1.9 percent last month. Economists were looking for an increase of .5 percent. However, March numbers were revised down to -2.1 percent from -.8 percent.

Meanwhile, weekly jobless claims fell more than expected. According to the Labor Department, filings for jobless benefits declined by 13,000 to 623,000 in the week ended May 23. Economists were expecting a decline to 628,000.

New home sales numbers are due out at 10:00. Economists expect the report to show builders broke ground on 628,000 new homes in April, down from 631,000 the month before.

After poor auction results sparked a bloodbath in bondland Wednesday, bonds are steady in early trading. The benchmark ten-year Treasury is up 16/32nd and yields 3.68 percent. Players will be watching the action in the bond pits closely after yesterday’s debacle sent yields screaming, just as the government pours $101 billion of new issuance into the bond market this week.

The dollar is ripping higher against the yen, up 1.215 to 96.89. The euro is up .0048 to 1.3880 against the buck.

Crude oil is steady as OPEC meets to discuss production cuts Thursday and ahead of weekly inventory data due out at 11:00 a.m. eastern time. Crude is up 23 cents to $63.68 a barrel. Gold recovered early losses and is up 60 cents to $955.80 an ounce.

Among the stocks to watch, Costco (COST) is down 4 percent after posting quarterly earnings of 48 cents, which missed Street estimates by a nickel. HJ Heinz (HNZ) is down after reporting 56 cents per share, which beat by a penny, but revenues fell short of estimates. DELL might see some action Thursday ahead of earnings due out after the closing bell.