From: Reuters
Published December 27, 2007 05:19 AM
Wall Street futures mixed; eyes on oil data
FRANKFURT (Reuters) - Futures on two of the three leading stock
market indexes fell before the start of Wall Street trading on Thursday,
with the focus on economic and oil inventory data as no S&P 500 firms are
due to report results.
At 4:45 a.m. EST, Dow Jones futures traded 0.2 percent lower and S&P 500
futures were down 0.1 percent, while Nasdaq futures rose 0.1 percent.
The indicative Dow Jones index, which tracks how the Dow stocks are trading
in Frankfurt, was 0.1 percent lower.
"All eyes will be on U.S. durable goods orders, initial jobless claims as
well as consumer sentiment," Heino Ruland, an analyst at FrankfurtFinanz,
said in a daily note to clients.
The durable goods orders for November and jobless claims for the
week ended December 22 are due at 8:30 a.m. EST, followed by consumer
confidence for December at 10:00 a.m. EST.
Referring to the durable goods data, Italian bank UniCredit said U.S. core
capital goods orders have been contracting over the past three months,
"hinting that firms are increasingly careful in planning capital
expenditures. We expect a partial rebound in November, even though momentum
is generally fading."
"We expect further softening in the ... consumer confidence index, on the
back of high food and energy prices, worries about job losses, and a more
erratic stock market," UniCredit added.
The U.S. Energy Information Administration's weekly petroleum stocks and
output data are due at 10:30 a.m. EST. The inventories are expected to show
that crude stocks fell by 1 million barrels as bad weather in Texas and the
Gulf slowed imports.
U.S. crude oil was near $96 a barrel, with Brent at $93.70.
U.S. stocks in the spotlight could include student loan provider Sallie Mae
<SLM.N>, which fell more than 5 percent in extended trading on Wednesday
after the company said it plans to sell about $2.5 billion of stock and
mandatory convertible securities to help pay off derivatives contracts that
amounted to a bet that its share price would keep increasing.
Salli Mae's Frankfurt-listed shares <SLM.F> were up 2.5 percent at 4:45 a.m.
EST.
Shares of Cirrus Logic <CRUS.O> rose 8.1 percent after the closing bell on
Wednesday after Soros Fund Management reported in a regulatory filing that
it holds a 5.18 percent stake in the chip maker.
Cirrus shares traded more than 6 percent higher in Frankfurt <CRUS.F>.
U.S. stocks ended little changed on Wednesday after discount retailer Target
Inc <TGT.N> cut its sales forecast, offsetting gains in major energy
companies as oil hit a one-month high.
The Dow Jones industrial average edged up 0.02 percent, the Standard &
Poor's 500 Index rose 0.08 percent and the Nasdaq Composite Index gained
0.40 percent.
(Reporting by Peter Starck; Editing by David Cowell)
|