As traders try to game the Federal Reserve, Thursday’s weekly jobless claims will be a key piece of data ahead of next week’s FOMC meeting.

“Europe will drive the bus, but if we get a nasty surprise in initial claims that could have a big effect. Then you’ll really hear everybody saying … this is bad enough. The Fed will have to act,” said Art Cashin, director of floor operations at UBS.

Claims data will be released at 8:30 a.m. ET and are expected to show 380,000 claims, down from 386,000 last week. There is also a durable goods report at 8:30 am and one for pending home sales at 10 a.m. The Treasury auctions $29 billion 7-year notes at 1 p.m.

Exxon Mobil is one of the big companies to report early in the day, and Facebookrolls out its first earnings report as a public company after the bell. Amazon.com and Starbucks also report after the close.

“I don’t even think it’s earnings are as important as what it’s talking about going forward. How are they going to drive growth?” said one trader of Facebook .

Facebook fell in the after-hours session Wednesday, after Zynga plunged to an all-time low on a lowered outlook and surprisingly weak earnings of just 1 cent per share.

SNY News & Analysis

 UPDATE 1-FDA staff says Merck's sleep drug effective, questions dosage - 17 hrs ago

 Amyris slips after firm starts securities lawsuit - 16 May 2013 EDT

 FDA approves labels with lower doses for zolpidem sleep drugs - 14 May 2013 EDT

 A taste for defensives sours prospects for European stocks - 14 May 2013 EDT

 Drug Spending Drops for the First Time in 55 Years - 09 May 2013 EDT

 More SNY News