Stock futures tick higher ahead of payrolls data
U.S. stock index futures were slightly higher on Friday as investors awaited monthly payrolls data and the unemployment rate, key indicators to determine the strength of the economic recovery.
* With the data due at 8:30 a.m. EST (1330 GMT), a Reuters survey of 76 economists forecast U.S. non-farm employers cut 175,000 workers from their payrolls in October, which would be the smallest amount for any month since August 2008. The unemployment rate is expected to have climbed to 9.9 percent in October from 9.8 percent in September.
* Starbucks Corp
* S&P 500 futures were up 1.4 points and slightly 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 gained 16 points, and Nasdaq 100 futures added 2.25 points.
* Companies scheduled to report quarterly results include bailed-out insurer American International Group Inc
* British Finance Minister Alistair Darling said G20 policymakers have agreed it is too early to pull the plug on economic life-support packages as the global recovery is still fragile. Darling is hosting the meeting of Group of 20 finance ministers and central bankers in St. Andrews, Scotland, later Friday.
* European shares edged up Friday ahead of the U.S. jobs data, with Royal Bank of Scotland Plc
* The S&P 500 ended up for a fourth straight day Thursday and the Dow rose above 10,000, as economic data boosted confidence in the recovery and strong results from Cisco Systems
* The Dow Jones industrial average <.DJI> jumped 203.82 points, or 2.08 percent, to end at 10,005.96. The Standard & Poor's 500 Index <.SPX> gained 20.13 points, or 1.92 percent, to 1,066.63. The Nasdaq Composite Index <.IXIC> rose 49.80 points, or 2.42 percent, to close at 2,105.32.
(Editing by Jeffrey Benkoe)
© Copyright Thomson Reuters 2024. All rights reserved.