Stock futures flat as investors await jobless claims
NEW YORK (Reuters) - Stock index futures were little changed on Thursday as investors awaited weekly jobless claims, a key datapoint on the labor market that many consider the biggest hurdle facing the economy.
Weekly jobless claims, to be released at 8:30 a.m. EDT, will come a day after a weak housing report added to a growing list of bearish data that renewed fears of a double-dip recession.
Economists polled by Reuters expected initial claims to fall to 490,000 from 500,000 in the prior week, a nine-month high. Continuing claims are seen edging slightly higher.
"Nobody is going to make a big bet until we get that number, especially since claims have been a major disappointment over the past several readings," said Arthur Hogan, chief market analyst at Jefferies & Co in New York.
Central bankers from around the world will converge later Thursday at the Jackson Hole, Wyoming, mountain retreat to assess the darkening economic outlook.
Federal Reserve Chairman Ben Bernanke is likely to offer his views about the uncertain prospects for the economy but isn't expected to give many clues about whether the Fed will pump more cash into the economy to keep the recovery going.
Jefferies's Hogan said it was unlikely that Bernanke's comments would be a negative for equities.
"We're going to find out how divisive the Fed is right now, and what we can expect in the near term. That's going to help clarify things," Hogan said.
S&P 500 futures rose 0.6 point and was above 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 was up 1 point, and Nasdaq 100 futures added 0.75 point.
U.S. stocks staged a comeback on Wednesday, breaking a four-day losing streak as key technical support triggered bargain-hunting. That offset weak data showing July durable goods orders rose less than anticipated and new home sales slumped.
Novell Inc is scheduled to report quarterly results after the market closes Thursday. The software company is expected to post a slight decline in quarterly.
Dental equipment maker Patterson Cos Inc is also on tap to report.
On the technology front, Apple Inc is expected to show off a snazzier line of iPods on September 1 as speculation mounts the consumer electronics giant may also unveil a new TV project. The stock edged 0.3 percent higher to $243.73 in premarket trading.
Amazon.com Inc said Wednesday more of its new third-generation Kindles were ordered in the first month of availability than any previous models.
Also on tap for Thursday are the Chicago Federal Reserve Bank's July Midwest manufacturing report and the Kansas City Fed's August manufacturing report.
In Europe, shares bounced back from a five-week low as upbeat corporate results boosted investor sentiment. The pan-European FTSEurofirst 300 was up 0.6 percent. The Nikkei index closed up 0.7 percent.
(Editing by Jeffrey Benkoe)