Stock Futures Flat; Jobs Data on Tap
By Michael Flaherty NEW YORK (Reuters) - Stock futures were flat on Friday before the monthly U.S. employment report that will likely set the mood on Wall Street as investors seek clues into the strength of the U.S. economy and future interest rate policy. Jeweler Tiffany & Co. Inc. (TIF.N: Quote , Profile , Research ) said holiday sales jumped 12 percent from the prior year, putting the luxury jeweler on course to meet its near-term profit targets. Health insurer Wellpoint Health Networks Inc. (WLP.N: Quote , Profile , Research ) lowered its earnings forecast for the fourth quarter, citing merger costs and a larger-than-expected debt repurchase last month. S&P 500 stock futures rose 0.5 of a point, about even with fair value accounting for dividends, interest rates and time to expiration on the contract. Dow Jones industrial index futures were up 7 points, while Nasdaq 100 futures edged up 1.5 points. "There isn't much going on ahead of the payroll figures. It's very quiet," said Will Armitage, senior quoting dealer at spread betting firm IG Index. "We've traded sideways for two days in a row now. People are just sitting on their hands waiting for the jobs numbers to come out." The Labor Department is due to release December's employment data at 8:30 a.m. (1330 GMT), with economists expecting an increase of 175,000 in nonfarm payroll jobs, according to Reuters. The figures provide a key look into the health of the U.S. economy and can indicate the rate in which the Federal Reserve is expected to raise interest rates. Oil prices dipped, having jumped on Thursday. U.S. light sweet crude was down 11 cents to $45.45 a barrel in electronic trading. While higher oil prices has dragged on the market, with investors worrying that rising energy costs will pinch corporate profits, the market has largely shrugged off the recent gains in the price of crude. Meanwhile, Berkshire Hathaway Inc. (BRKa.N: Quote , Profile , Research ) , the company run by billionaire Warren Buffett, said its General Re Corp. reinsurance unit received a subpoena from New York Attorney General Eliot Spitzer for information on insurance products that might help companies smooth earnings. Stun gun maker Taser International Inc. (TASR.O: Quote , Profile , Research ) slid 4 percent to $26.50 on the Inet electronic brokerage exchange after saying the U.S. Securities and Exchange Commission has begun an informal inquiry centered on company statements about the safety of its products and a recent order from a distributor. On Thursday, the Dow Jones industrial average was up 25.05 points, or 0.24 percent, at 10,622.88 and the Standard & Poor's 500 Index was up 4.15 points, or 0.35 percent, at 1,187.89, their first positive finish in 2005. The Nasdaq Composite Index was down 1.24 points, or 0.06 percent, at 2,090.00.
Quelle "Stock Futures Flat; Jobs Data on Tap" : reuters.com
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