Stock futures lower on euro-zone caution, Intel results
Nasdaq and Dow index futures were lower on Thursday as investors awaited details on a second rescue package for Greece, bringing the euro-zone's debt crisis back into the spotlight.
* Technology stocks will also be in focus a day after Intel Corp
* In Europe, German Chancellor Angela Merkel and French President Nicolas Sarkozy reached a common position on a second rescue package for Greece after hours of talks. Details were not revealed, but will be presented at a euro-zone summit in Brussels on Thursday.
* Euro-zone debt problems has been a drag on U.S. equities in recent weeks as investors worried it would spread to countries where domestic banks have greater exposure.
* S&P 500 futures rose 1.9 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 15 points and Nasdaq 100 futures slid 6.75 points.
* In earnings news, both American Express Co
* Results were due from AT&T Inc
* On the economic front, jobless claims were due at 8:30 a.m. EDT and are seen rising by 5,000 to 410,000 in the latest week.
* Chinese manufacturing contracted for the first time in a year in July, data showed Thursday, as the government's monetary tightening policy and sluggish global demand weighed on the economy.
* Debt issues remained in focus in the United States, with the White House and Congress continuing to negotiate a deal to raise the U.S. debt ceiling before a looming default on August 2.
* U.S. stocks closed near unchanged on Wednesday, a day after Wall Street's best rally since March, as the debt ceiling deadline overshadowed strong earnings from Apple Inc
(Editing by Jeffrey Benkoe)
© Copyright Thomson Reuters 2024. All rights reserved.