US stock index futures advance after 5 days of S&P 500 losses

U.S. stock-index futures rose, signaling the Standard & Poor’s 500 Index will rebound from its longest losing streak this year, as investors awaited data on jobs and home sales to assess the pace of the economic recovery.

S&P 500 futures expiring in December rose 0.1% to 1,689 at 11:50 a.m. in London. The benchmark gauge for U.S. equities has declined 1.9% in the past five days after closing at an all-time high on Sept. 18, as President Barack Obama failed to reach a deal with congressional Republicans over the federal budget. Contracts on the Dow Jones Industrial Average added 25 points, or 0.2%, to 15,235 today.

“Washington has been dragging their feet as of late but eventually they’ll be forced into action,” said Patrick Spencer, head of U.S. equity sales for Robert W. Baird & Co. in London. “We’ve been down this road before. It’s quite natural and healthy to have pull-backs in a bull market. We’ll shift into a stronger gear with a settlement on the budget and what I think will be a very positive earnings season.”

A third and final update to U.S. GDP for the second quarter will be released. Forecasts expect the economy grew a bit faster at 2.7%, versus a prior estimate of 2.5%.

Other data includes a report on pending home sales for August and revisions to U.S. jobs growth for the 12 months ended March 2013, both scheduled for 10 a.m. Eastern time.

On the corporate side, shares of BlackBerry Ltd. may remain in focus after it canceled its Friday morning earnings call. In addition, media reports said T-Mobile U.S. Inc. is pulling BlackBerry phones from its shelves due to weak demand, though the smartphone maker will ship directly for those who still want the BlackBerry kit.

J.P. Morgan Chase & Co. could also be in focus. The Wall Street Journal reported late Wednesday that the investment bank is discussing an $11 billion settlement with regulators to end probes related to mortgage-backed securities.