US STOCKS-Futures off ahead of data, GM up after net doubles

* Initial jobless claims on tap

* Retailers begin posting monthly sales

* Futures off: Dow 63 pts, S&P 9 pts, Nasdaq 14.5 pts

* For up-to-the-minute market news see [STXNEWS/US] (Adds quote, updates prices)

By Chuck Mikolajczak

NEW YORK, Aug 4 (Reuters) - Wall Street equity futures fell on Thursday, indicating the market may resume its downturn after snapping a seven-day losing streak ahead of a report on the labor market that will give clues on the economy's health.

Data on first-time jobless claims data for the week ended July 30 is due at 8:30 a.m. EDT (1230 GMT). Economists forecast 405,000 new filings, compared with 398,000 in prior week.

The S&P 500 index rose on Wednesday after seven straight losing sessions, but worries about the economy kept investors jittery and trading volatile.

"After the recent jolt the market took, it is difficult to regain firm footing," said Andre Bakhos, director of market analytics at Lek Securities in New York.

"With the market being near flat on the year, investors are looking for the next theme to bring us back positive. And with a headline-sensitive market, there is nothing tangible to latch on to."

S&P 500 futures fell 9 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 futures lost 63 points, and Nasdaq 100 futures advanced 14.5 points.

Retailers will be in focus as chain stores report July sales. The chains, led by warehouse clubs and high-end stores, are expected to report higher sales due to deep discounts and the warmest July weather in decades. [ID:nN1E7721K0]

In one early report, warehouse club operator Costco Wholesale Corp posted a higher-than-expected 10 percent rise in same-store sales, helped by higher gasoline prices and strengthening foreign currencies. [ID:nL3E7J41MV]

General Motors Co advanced 3.2 percent to $28.05 in premarket trading after its quarterly profit nearly doubled as the top U.S. automaker boosted global sales and raised prices on its vehicles. [ID:nN1E77305C]

Kraft Foods Inc jumped 9.1 percent to $37.41 in premarket trading after it said it plans to split itself into two listed companies: global snacks and North American groceries. It also posted quarterly results [ID:nL3E7J42PN]

Cigna Corp posted higher-than-expected second-quarter profit early Thursday on strength in its main U.S. healthcare plans and its international business. The insurer raised its full-year forecast. [ID:nN1E77301F]

American International Group Inc is due to report results later Thursday.

European shares fell 0.8 percent and touched a fresh 11-month low on Thursday on a weakening outlook for the global economy, with miners the hardest hit as the price of copper and other base metals fell. [MKTS/GLOB]

The European Central Bank is expected to keep rates on hold this month after raising them to 1.5 percent in July. The Bank of England is also likely to keep rates unchanged.

Japan's government sold one trillion yen ($12.5 billion) after days of official warnings that the yen had risen so much it threatened to derail Japan's recovery. [ID:nL3E7J41YW]

The move buoyed shares of big Japanese exporters, driving the Nikkei average <.N225> up 0.2 percent on a day when the rest of the region fell around 1.4 percent. [ID:nL6E7J40I3] (Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)