By Steve Goldstein, MarketWatch LONDON (MarketWatch) -- U.S. stock futures weakened Thursday after failing to move past a key technical barrier in the last session, with results from Wal-Mart Stores set to feature. S&P 500 futures fell 2.5 points to 1,093.80 and Nasdaq 100 futures dropped 4.75 points to 1,779.00. Futures on the Dow Jones Industrial Average fell 21 points. U.S. stocks finished stronger on Wednesday on light volumes during Veterans Day, as speeches from Federal Reserve officials convinced traders that interest rates will be kept at low levels for some time to come. The Dow rose 44 points to reach a new high for the year, the S&P 500 added 5.5 points to finish just shy of the 1,100 level and the Nasdaq Composite rose 15 points. The S&P 500 hasn't closed about 1,100 this year. "We see this is a sign of negative divergence. However, if the S&P 500 can follow in the Dow Jones Industrial Average's footsteps and claim a new high this week, it would mean that a more bullish wave count is in play and there is gas left in the tank for the U.S. market," said technical analysts at CIMB Securities. Thursday's economic calendar features weekly jobless claims as well as weekly oil inventories data. Wal-Mart Stores (WMT 52.97, +0.66, +1.26%) is expected to report a growing profit in its most recent quarter, with the research firm Retail Metrics predicting the industry as a whole will show growing profits for the first time in over two years due to easier comparisons, inventory control and improved consumer spending. Kohl's (KSS 54.59, -1.77, -3.14%) also reports results, with Walt Disney & Co. (DIS 29.29, +0.17, +0.58%) figures due after the close of trade. Mergers-and-acquisition activity has been one of the leading factors behind a recent rally, and 3Coms (COMS 5.69, +0.28, +5.18%) is due to leap after Hewlett-Packard (HPQ 50.00, +0.04, +0.08%) said it's going to buy the networking equipment firm for $2.7 billion, or $7.90 a share, a 39% premium to Wednesday's close. H-P also reported stronger-than-forecast fiscal fourth-quarter revenue of $30.8 billion, down 8% on the year but up 12% sequentially, and raised fiscal 2010 earnings guidance. "We think HP can materially expand revenues through expanded sales coverage and improved branding. Further, we believe that HP will be able to reduce cost to enhance 3Com's margins," said Keith Bachman, an analyst at BNO Capital Markets, who added that the news may hurt Brocade (BRCD 9.25, +0.03, +0.33%) which also had been linked with a possible H-P bid. Overseas, the Nikkei 225 dropped 0.7% in Tokyo and the Hang Seng lost 0.6%. In Europe, the Dow Jones Stoxx 600 rose 0.2%, helped by euro-zone industrial production data that was better than forecast. Improved profit guidance at France's PSA Peugeot Citroen also helped. Oil futures fell 38 cents to $78.90 a barrel. The International Energy Agency hiked 2009 and 2010 demand forecasts. Gold futures continued their strong run, rising as high as $1,123.40 an ounce. The dollar rose against the euro but fell against the yen.

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