U.S. stock-index futures rose, predicting the Standard & Poor’s 500 will halt three consecutive days of losses, as investors focus their attention on initial jobless claims report in the world’s largest economy.
Futures on the S&P 500 expiring in December gained 0.2% to 1,783.3 at 11:53 a.m. in London. The benchmark index dipped yesterday after minutes of the Federal Reserve’s last policy-setting meeting indicated it may reduce monetary stimulus in coming months as the economy improves. Dow Jones Industrial Average futures added 24 points, or 0.2 %, to 15,902 today. Nasdaq futures rose 0.3% to 3,376.
The Labor Department should issue the latest report on weekly jobless claims at 8:30 a.m. EDT. Economists predict the number of people applying for new unemployment benefits will drop to 334,000 in the seven days ended November 16 from 339,000 in the prior week. The producer price index is due to forecast a fall by 0.1% in October.
The Philadelphia Federal Reserve’s index of manufacturing conditions in the bank’s region is is due at 10 a.m. EDT. According to MarketWatch the index retreated a second straight month, to 14.5 from 19.8 in October.
In corporate front, Green Mountain Coffee Roasters gained 4.8% to $64.80. Fourth-quarter net income increased 38% to $127 million, or 83 cents a share, from $91.9 million, or 58 cents, a year earlier, according to a company report released yesterday. Excluding some items, profit was 89 cents a share. Analysts estimated 75 cents, on average.
Goldman Sachs fell 0.3% to $164.58. Goldman Sachs said in a research note published Wednesday that it sees a 67% chance of the S&P 500 falling 10% at one point during 2014. But Goldman stuck to its expectations for the index to end the year at 1,900.
Abercrombie & Fitch is likely to post earnings of 44 cents a share in the third quarter, while the Dollar Tree is expected to report earnings of 60 cents a share in the third quarter.
Retailer Target is projected to report on Thursday third-quarter earnings of 64 cents a share, according to a consensus survey by FactSet.
GameStop Corp. is projected to report earnings of 57 cents a share in the third quarter.
Pandora is forecast to post third-quarter earnings of 6 cents a share. “An inflection in mobile monetization as the company unlocks the local audio market should become more evident with fiscal Q3 results, in our view. [We] see upside potential beyond our $32 price target to the high-$30s,” Andy Hargreaves at Pacific Crest (research firm) wrote in a report, cited by MarketWatch.