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

US STOCKS-Futures tick higher ahead of ECB, jobless data

Published 12/02/2010, 07:38 AM
Updated 12/02/2010, 07:40 AM

* Jobless claims, pending home sales data on tap

* PepsiCo to buy Russia's Wimm-Bill-Dann for $5.4 bln

* Futures up: Dow 45 pts, S&P 5.2 pts, Nasdaq 12.5 pts

NEW YORK, Dec 2 (Reuters) - U.S. stock index futures rose slightly on Thursday on expectations the European Central Bank may act to relieve market worries of a spreading euro zone debt crisis.

* The Dow and the S&P 500 scored their biggest gains in three months on Wednesday as efforts to resolve the EU's debt crisis helped push the S&P above 1,200. The benchmark faces strong resistance in the 1,225-1,230 area.

* The European Central Bank faced pressure to take steps to help contain the euro zone's debt problems, but could upset financial markets if it fails to announce new anti-crisis measures.

* Investors also awaited U.S. data on the jobs and housing markets, which may help to confirm the recent signs of strength in the economic recovery.

* S&P 500 futures rose 5.2 points and were slightly 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 45 points, and Nasdaq 100 futures added 12.5 points.

* Treasury Secretary Timothy Geithner, who is leading talks for the White House along with budget director Jack Lew, said Republicans and Democrats held a "civil, constructive discussion," but declined to give specifics. Negotiations are expected to continue Thursday.

* The cost of insuring peripheral euro zone debt against default eased ahead of the ECB meeting, while the euro, which has recently traded in the same direction as U.S. equities, gained ground against the U.S. dollar.

* In company news, PepsiCo Inc agreed to buy Russian juice and dairy producer Wimm-Bill-Dann for $5.4 billion.

* American International Group Inc shares could get attention after Reuters reported the insurer could receive at least three separate bids for its Taiwan unit.

* Costco Wholesale Corp posted a 9 percent rise in November same-store sales, helped by higher gasoline prices and strengthening foreign currencies.

* Economic data on tap includes weekly initial jobless claims, due at 8:30 a.m. EST (1330 GMT), with forecasts at 425,000 from 407,000 last week. Pending home sales for October, expected at 10 a.m. EST (1500 GMT), are seen down 0.5 percent versus a decline of 1.8 percent in the prior month.

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.