By Victor Reklaitis and Barbara Kollmeyer, MarketWatch Sears,
Dollar General, other retailers also in spotlight
NEW YORK (MarketWatch) -- U.S. stock futures edged lower
Thursday after the prior session's record finish, as investors kept
an eye on a European Central Bank news conference, the latest moves
in the energy sector and weekly jobless claims that essentially
matched expectations.
Futures for the S&P 500 index (SPZ4) edged down 4 points, or
0.2%, to 2,068.60, while those for the Dow industrials (DJZ4)
dipped 33 points, or 0.2%, to 17,864. Futures for the Nasdaq-100
index (NDZ4) lost 3.50 points, or 0.1%, to 4,306.50.
Both the S&P 500 (SPX) and the Dow industrials (DJI) bagged
record closes on Wednesday, helped by upbeat services sector data
and gains by cyclical stocks such as energy.
Looking for a dovish Draghi: The ECB kept key rates unchanged at
a meeting that has just wrapped, and investors have turned their
attention to a news conference from ECB President Mario Draghi that
began just after 8:30 a.m. Eastern. He said central bank is
preparing for more easing early next year if necessary, and more
easing could be implemented in "a timely manner." But U.S. stock
futures dipped into slightly negative territory as he spoke,
suggesting he isn't sounding as dovish as some traders
expected.
"Draghi needs to be very, very dovish and hint at more ECB
action to keep stocks going up. I think he will be dovish, but
there will be no hints strong enough to meet investor
expectations," said Wouter Sturkenboom, strategist at Russell
Investments in London, in emailed comments before the news
conference. Check out our live blog of the ECB news conference
Weekly jobless claims fell to 297,000, basically in line with
forecasts for 298,000. This figure comes ahead of Friday's monthly
jobs report, a big event that gives investors a reason to sit on
the sidelines. "Jobs data needs to come in the area of
180,000-230,000 to keep investors happy. Higher is worse than
lower," said Sturkenboom. Why economists say 400,000 jobs could be
added
Retailers on tap: Ahead of the opening bell, Sears Holding Corp.
(SHLD) shares were up after it reported a wider third-quarter net
loss on lower revenue. Dollar General Corp.(DG)(DG) missed
estimates, and shares dropped 1% in premarket, but the cut-price
retailer says it remains committed to a deal to acquire Family
Dollar Stores Inc.(FDO).
Barnes & Noble Inc.(BKS) fell in premarket action after its
quarterly release, while Kroger Co. (KR) gained ground.(Read more
in MarketWatch's Movers & Shakers column
http://www.marketwatch.com/story/sears-barnes-noble-dollar-general-earnings-in-focus-2014-12-04.)
Chinese stocks see best day in two years: The dollar(EURUSD)
traded around a two-year high against the euro and remained at a
seven-year high against the yen. The ruble fell further against the
dollar as Russian President Vladimir Putin said in a speech taht
Western nations are holding back his country and warned of tough
times ahead.
A benchmark for European stocks was also negative, while Asian
stocks rallied on the heels of U.S. gains on Wednesday. China's
Shanghai Composite soared 4.3%, the biggest rise in two years, as
retail investors piled in and banks upgraded prospects for China's
economy. Japan's Nikkei 225 index added 0.9%.
Oil prices(CLF5) slipped, and gold(GCG5) was slightly
higher.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires