U.S. stock index futures turned lower in premarket trading, erasing earlier gains and paving the way for a weak Wall Street open after the release of May retail sales and weekly jobless claims.

May retail sales rose 0.5%, in line with expectations, while initial jobless claims last week fell a larger-than-expected 24,000, vs. forecasts of 6,000. But continuing jobless claims rose for a 19th straight week, which does not support investor hopes for an economic recovery.

The continued climb in crude oil toward $72 bbl is supportive of the energy sector even as it imposes a tax on consumption, along with the jump in the T-note yield to the 4.0% area.

Dow Jones industrial average futures were 30 points lower, S&P 500 index futures fell 3.5 points, and Nasdaq 100 index futures were marginally higher ahead of the bell.

The dollar index and gold were lower.

Business inventories are due next, along with Fedspeak from hawkish Lockhart.

In the financial sector Thursday, a brokerage upgrade on Bank of America (BAC) helped boost its shares early.

Handheld PDA maker Palm (PALM) meanwhile benefitted from an upgrade from BofA analysts relating to its new Pre handset.

U.S. retail sales rebounded 0.5% in May, while the ex-auto component rose 0.5%. April’s -0.4% print was revised higher to -0.2%, while March’s -1.3% was revised to -1.2%. The -0.5% April ex-auto component was revised up to -0.2%, and March’s -1.2% was revised up to -1.1%. May’s rebound breaks a string of two consecutive monthly drops. Excluding auto, gas, and building materials, sales were flat following a 0.1% decline in April (revised from -0.3%).

U.S. initial jobless claims fell 24,000 to 601,000 in the week ended June 6 and better than the 613,000 that markets had expected. The four-week moving average fell to 621,750 from 632,750. Continuing claims surged 52,000 to 6,816,000 from an upwardly revised 6,757,000 (was 6,735,000). The insured unemployment rate held at 5.1%. While the release was better than expected, the claims data remain elevated, though well below the 27-year high of 674,000 hit during the week ended March 28.

After hitting a record high of more than 342,000 in April, U.S. foreclosure activity backed down 6% in May, with 321,480 properties receiving a foreclosure filing during the month, according to the RealtyTrac U.S. Foreclosure Market report. That was still up nearly 18% from May 2008. However, the year-over-year change doesn’t seem so bad in light of the increases of 50% or more that were common in 2008. Helping to lower the overall rate of increase were the real estate owned (bank repossession) category, which decreased 24% from May 2008, while default notices rose 9% and scheduled auctions increased 78%, said RealtyTrac, an online marketplace for foreclosure properties.