By Barbara Kollmeyer
MADRID--Major indexes looked set to struggle to break a string
of losses on Thursday, with stock futures hugging the flat line
ahead of weekly jobless claims, a revised reading on economic
growth and a meeting of the European Central Bank.
Jos. A. Bank Clothiers Inc. (JOSB) is among those reporting
results early. Same-store sales are due from Gap Inc. and others.
Apple Inc. (AAPL) was gaining in premarket on reports it has
reached a deal with China Mobile Ltd. (0941.HK, CHL) to sell
iPhones in China.
Futures for the Dow Jones Industrial Average fell 11 points to
15,875, while those for the S&P 500 index eased 0.6 point to
1,791.20. Futures for the Nasdaq-100 index rose 4.25 points to
3,486.75.
First up in packed day, Atlanta Federal Reserve President Dennis
Lockhart is due to deliver at speech at 8:15 a.m. EST.
Ahead of Friday's highly anticipated monthly jobs report, weekly
jobless claims will be released at 8:30 a.m.
The S&P 500 and the Dow industrials dropped for a fourth
straight session on Wednesday after a report from Automatic Data
Processing revealed November private-sector hiring was the
strongest in a year. Economists use this data to gauge how the
bigger payrolls numbers will turn out.
"It is interesting to see a number of economists ratchet up
their forecasts for Friday's non-farms given the strength in the
ADP report, although consensus has only moved up 3,000--to
185,000," said Chris Weston, chief market strategist at IG, in an
emailed note.
"It seems the risks are weighted now to the upside, despite the
employment subcomponent of the U.S. services ISM expanding at a
slower pace from last month, and the market should position for
such," Weston said. "We're likely to hear 'whisper numbers' closer
to 200,000 today and tomorrow."
Also at 8:30 a.m. EST, gross domestic product growth for the
third quarter is expected to be revised to 3.2% from a prior 2.8%,
according to economists polled. Factory orders for October will be
released at 10 a.m. EST.
Mixed in between U.S. data will be monetary-policy decisions
from the Bank of England at 7 a.m. EST and the ECB at 7:45 a.m.
Neither central bank is broadly seen making any moves; the ECB last
month cut its key lending rate to a record low 0.25%. ECB President
Mario Draghi's news conference will be watched closely by investors
and gets under way at 8:30 a.m. EST.
Europe stocks traded in tight ranges ahead of that meeting,
while in Asia, stocks largely tracked Wall Street lower. Gold was
also pushing lower, while oil rose and the dollar strengthened.
Among individual stocks, shares of Apple rose over 1% in thin
premarket trade on a report China Mobile has signed a deal with the
U.S. company to offer iPhones on its network. China Mobile is one
of the world's last big carriers that doesn't offer the iPhone.
Jos. A. Bank reported third-quarter earnings of 49 cents a
share. Dollar General Corp. (DG) is set to post third-quarter
earnings of 70 cents a share.
Write to Barbara Kollmeyer at bkollmeyer@marketwatch.com