–Stock futures fall after weekly jobless claims
–Jobless claims data worse than expected
–Reading of manufacturing data due at 9 a.m. EDT
By Alexandra Scaggs and Tomi Kilgore
NEW YORK–U.S. stock futures traded lower after labor-market data in the U.S. was worse than expected and signs of
economic weakening surfaced in Europe and China.
Less than 60 minutes ahead of the open, Dow Jones Industrial Average futures declined 43 points, or 0.3%, to 13454.
Changes in stock futures don’t always accurately predict stock moves after the opening bell.
Standard & Poor’s 500-stock index futures lost six points, or 0.4%, to 1448 and Nasdaq 100 futures gave up eight
points, or 0.3%, to 2845.
Initial claims for jobless benefits in the latest week fell slightly from the previous week, to 382,000. That was a
smaller drop than expected by economists surveyed by Dow Jones Newswires, who expected a decline to 373,000.
A preliminary reading of Markit’s purchasing manager’s index for September is due out at 9 a.m. EDT. At 10 a.m., the
Philadelphia Federal Reserve bank’s index of manufacturing activity for September is expected to improve to -5.0 from
August’s -7.1, and the Conference Board’s index of leading economic indicators for August is seen being unchanged from
European markets slipped, with the Stoxx Europe 600 down 0.3%, after data showing business activity in the euro zone
contracted at the fastest pace since June 2009 offset strong demand at a Spanish bond auction. Asian markets were
broadly lower after an initial reading of HSBC’s September survey on manufacturing conditions pointed to continued
contraction, with output falling to a 10-month low.
Write to Alexandra Scaggs at [email protected]
(END) Dow Jones Newswires 09-20-120859ET Copyright (c) 2012 Dow Jones & Company, Inc.