U.S. Stock Futures Inch UpReported by SmartMoney.com on Thursday, 17 May 2012 (on May 17, 2012)
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By Shawn Langlois LONDON?U.S. stocks nudged slightly higher before the opening bell on Thursday and were poised to end their recent losing streak after the Fed indicated that additional monetary easing could be on the way.While the plight of Greece and the future of the euro zone will continue to weigh on investors, mounting buzz over the Facebook IPO along with potentially upbeat data later in the day were attracting some buyers.More than two hours before the start of trading, Dow Jones Industrial Average futures were marginally higher at 12599 points, while both S&P 500 and Nasdaq-100 futures also logged minimal gains. Changes in futures don't always accurately predict early market moves after the opening bell.Deutsche Bank analyst Jim Reid isn't convinced that the economic data will help deliver a respite from the recent market retreat."It's probably a bit early to say either way, but can U.S. data survive this recent risk aversion wobble?" he said. "The recent history would suggest that market weakness will feed through into the data at some point."Along with the weekly jobless claims at 8:30 a.m. ET and the Philly Fed Manufacturing Index at 10 a.m. Eastern, a number of earnings will also shape U.S. trading. Wal-Mart Stores Inc., Autodesk Inc., and Applied Materials Inc.�are just a few on tap with quarterly results. J.P. Morgan Chase & Co.�shares will also likely remain in the spotlight, losing 0.5% in premarket trading on a New York Times report that trading losses have surpassed the bank's initial $2 billion estimate by at least $1 billion.If trading action in the U.S. is anything like it was Thursday morning in Europe, the market's losing ways may continue. From Germany to the U.K., stocks were on the decline, as Greece worries overshadowed the Federal Reserve and upbeat Japan growth data. In other markets, crude-oil prices drifted lower and gold futures rose. The dollar pushed higher. Write to Shawn Langlois at shawn.langlois@dowjones.com ...
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