RTTNews - US stock futures were indicated slightly higher Thursday morning in New York ahead of a barrage of economic reports, including a pivotal reading on new home sales.
As of 6:15 am ET, the Dow Futures were up 30 points, the NASDAQ Futures were up 4 points, and the S&P Futures were up 5 points.
Following a notable rally in the previous session, stocks saw a considerable pullback during Wednesday's trading. The Dow closed down 173.47 points or 2.1 percent at 8,300.02, the NASDAQ closed down 19.35 points or 1.1 percent at 1,731.08 and the S&P 500 closed down 17.27 points or 1.9 percent at 893.06.
Thursday's trading is likely to be impacted by a series of economic reports, including reports on weekly jobless claims and new home sales. Oil may also be in focus after reports out of Vienna indicated that OPEC will leave its output unchanged. Later, the Energy Information Administration releases its weekly oil inventories report.
Visteon Corp. (VSTN.PK), one of the largest U.S. auto parts makers, which was long expected to succumb to economic pressures, finally revealed Thursday that it and certain of its U.S. units have filed for Chapter 11 Bankruptcy protection in the U.S. The company also revealed that Ford Motor Co. (F) has committed for a debtor-in-possession, or DIP, financing during this period.
Hit by the current economic slowdown, membership warehouses operator Costco Wholesale Corp. (COST) reported a 29% drop in third-quarter profit, as budget-conscious customers continued to shy away from non-essentials. Quarterly earnings were also hurt by a pre-tax litigation settlement, higher employee health care costs and a strong dollar.
Man Group Plc (EMG.L, MNGPF.PK), a British hedge fund management company, reported Thursday a fall in pre-tax profit for the fiscal year 2009, reflecting a 62% decrease in net performance fee income, a 23% decline in net management fee income as well as costs related to non-recurring items.
Broadline closeout retailer Big Lots Inc. (BIG) is scheduled to release first quarter results before the markets open today, with analysts forecasting earnings of $0.40 per share on revenues of $1.13 billion, lower than the previous year's earnings of $0.42 per share and net sales of $1.15 billion.
Computer maker Dell (DELL) is slated to report its fiscal first-quarter results after the market closes.
In Asia overnight, Japanese stocks inched higher, while markets on Hong Kong and China were closed. European shares were in the red in early dealing.
The price of oil was unchanged at $63.44 a barrel, while the dollar was stable near multi-month lows against other majors.
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