By IB Times Staff Reporter: Subscribe to IB's RSS feed
September 2, 2010 9:09 AM EDT
Futures on major U.S. indices remained range bound on Thursday as investors are cautious ahead of a bunch of economic data.
Futures on the S&P 500 are down 1.60 points, futures on the Dow Jones Industrial Average are down 14 points and Nasdaq100 futures are down 1 point.
Investors are likely to focus on weekly initial jobless claims and nonfarm productivity which are due to release before market opens, while monthly pending home sales and factory orders will be released after market opens.
The Department of Labor is due to report the initial jobless claims data at 8:30 am EDT. The economists forecast initial jobless claims to be 475,000 for the week ended August 29 against 473,000 of the previous week. Any data that is weaker than expected will weigh on market sentiments.
US non-farm productivity is expected to decline and pending home sales are expected to contract at a slower pace, while factory orders are expected to increase after declining in the prior month.
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On Wednesday, stock markets started September with a strong rally as manufacturing in both China and the U.S. for August expanded at a faster pace compared to July and exceeded the forecast of economists. US stocks slumped in August on back of string of disappointing economic data.
European stocks edge lower on profit booking and are currently trading lower with FTSE 100 down by 1.25 points, DAX30 down by 11.40 points and CAC 40 down by 10.52 points.
The euro advanced 0.12 percent to 1.2814 against the dollar and the yen advanced 0.41 percent against the greenback.
Crude oil futures advanced 0.01 percent and copper futures rose 0.09 percent. In precious metal sector, gold futures advanced 0.14 percent and silver futures advanced 0.45 percent.
Asian stock markets surged on Thursday, following rally on Wall Street overnight. Japanese shares climbed 1.52 percent, Hong Kong’s Hang Seng rose 1.19 percent and Chinese Shangai advanced 1.25 percent.
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