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US stock-index futures decline after mixed jobs data, corporate earnings

stock newsU.S. stock-index futures fell, suggesting the Standard & Poor’s 500 Index will retreat from a record levels after five days of gains, amid disappointing non-farm payrolls and weak corporate earnings of networking equipment makers.

Non-farm payrolls rose by 140,000 which came short of the expectations for 180,000. However unemployment rate fell to 7.2% from estimated 7.3%.

S&P 500 futures expiring in December fell 0.5% to 1,740 at 12:50 p.m. in London. The gauge has rallied 4.4% this month, extending the 2013 gain to 23%, as lawmakers agreed to extend the U.S. borrowing authority, avoiding a possible debt default. Dow Jones Industrial Average contracts declined 74 points, or 0.5%, to 15,324 today.

“The U.S. market has outrun itself a little bit after the relief on the debt-ceiling agreement, so I wouldnt be surprised to see some short-term weakness just on profit taking,” said Espen Furnes, a fund manager who helps oversee $75 billion at Storebrand Asset Management in Oslo. “Weve seen some more earnings disappointments this quarter than the previous one.”

In corporate news, Broadcom sank 7.7% to $25.04 after it forecast fourth-quarter revenue of about $1.92 billion to $2.03 billion. Analysts on average had predicted $2.13 billion. The chip-maker stated yesterday that net income rose 44% to $316 million in the third quarter.

Juniper, the world second largest networking gear maker lost 1.8% to $20 in late New York trading yesterday after saying fiscal fourth-quarter sales will be about $1.2 billion to $1.23 billion. Analysts on average had projected revenue of $1.23 billion.

Corning surged 24% to $19.10 in pre-market trading after the company said it will buy Samsung’s 43% stake in Samsung Corning Precision Materials Co., which makes glass for liquid crystal displays in South Korea.

Boeing Co., AT&T Inc. and 37 other companies in the S&P 500 report results today. Profits for members of the gauge probably increased 2.5% during the third quarter as sales climbed 2.2%, according to analysts’ estimates compiled by Bloomberg.

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