💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

US STOCKS-Futures edge up ahead of jobless claims

Published 09/09/2010, 07:31 AM
Updated 09/09/2010, 07:32 AM
GC
-

* For up-to-the-minute market news see [STXNEWS/US]

NEW YORK, Sept 9 (Reuters) - U.S. stock index futures rose for a sixth day in seven on Thursday ahead of weekly data that was expected to show a tick down in applications for unemployment insurance.

* Data on claims for jobless benefits for the week ended Sept. 4 is due at 8:30 a.m. EDT (1230 GMT) and economists in a Reuters survey forecast a total of 470,000 new filings compared with 472,000 in the prior week.

* Investors will also keep an eye on July international trade data. Economists in a Reuters survey forecast a $47.3 billion deficit compared with a $49.9 billion deficit in June.

* "Investors are betting that we are probably not far from an economic rebound, and with bonds offering not much of a yield the risk-reward profile in equities is becoming appealing," said Andre Bakhos, director of market analytics at Lek Securities in New York.

* S&P 500 futures rose 3.8 points and were 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 gained 28 points and Nasdaq 100 futures added 7.75 points.

* Volume is expected to be low again as the Jewish New Year is celebrated and many market participants stay on the sidelines. The six lowest volume days of the year have come in the last month.

* Oil rose 0.6 percent to above $75 a barrel, drawing some strength from an initial report of falling U.S. inventories. Industry data late on Wednesday surprised the market with news of a decline in U.S. fuel stockpiles, which have hit record levels, but government statistics for release on Thursday could contradict that.

* Convenience store operator 7-Eleven is the mystery third party that offered to buy Casey's General Stores Inc for $40 a share, or $2.03 billion, a source familiar with the situation said on Wednesday. The bid exceeds the $38.50 a share offered by Canada's largest convenience store chain, Alimentation Couche-Tard Inc , which has been embroiled in a hostile takeover bid for the smaller rival since April. [ID:nN08129219]

* Goldman Sachs has been fined 17.5 million pounds ($27 million) by a UK financial regulator for failing to disclose it was under fraud investigation by its U.S. counterpart.

* European stocks edged higher with miners and banks up as an European Central Bank member expressed optimism on the economy, though gains were capped by weaker retailers after gloomy updates.

* U.S. stocks rose on Wednesday as investors latched onto positive news out of Europe. (Reporting by Rodrigo Campos, Editing by Chizu Nomiyama)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.