BEFORE THE BELL: US Stock Futures Up; Flurry Of Data On Tap

17th Jun 2010 12:57

By Steve Goldstein U.S. stock futures rose Thursday as a largely successful Spanish bond auction helped cap worries over the euro while a flurry of U.S. economic data was on tap. Futures on the Dow Jones Industrial Average rose 43 points to 10387. S&P 500 futures rose 4.9 points to 1114.50 and Nasdaq 100 futures added 9.25 points to 1915.20. U.S. stocks finished largely unmoved Wednesday on a day when figures showed industrial production grew but FedEx Corp.'s (FDX) earnings outlook was below Wall Street estimates and Nokia Corp. (NOK) issued a profit warning. The Dow Jones Industrial Average and the Nasdaq Composite barely advanced while the S&P 500 finished with fractional losses. Spain was in the spotlight Thursday after selling EUR3 billion of 10-year bonds, with yields below the 5% level that the European Union and the International Monetary Fund have committed to lending to euro-zone countries. A bond auction with yields above 5% wouldn't immediately trigger EU assistance to Spain but would signal concerns over the country's ability to raise financing in international markets. The euro rose 0.6% to $1.2382. Also, U.K. retail sales grew more strongly than anticipated in May. A busy session for U.S. economic data also awaits, with May consumer prices, first quarter current account and weekly jobless claims data due at 8:30 a.m., EDT, and June Philly Fed index and May leading indications coming at 10 a.m., EDT. Of companies in the spotlight, BP PLC's (BP) shares edged up 0.8%. After meeting President Obama Wednesday and agreeing to set up a $20 billion fund and stop at least three dividend payments, BP CEO Tony Hayward will appear before a House Energy and Commerce panel, with the executive defending charges the company acted with "carelessness and complacency," in the words of Rep. Henry Waxman. Oil futures dropped 40 cents to $77.27 a barrel, while gold futures were stronger by around $7 an ounce. Asian benchmarks were split, with the Nikkei 225 shedding 0.7% while the Hang Seng and Kospi Composite managed small advances. The Stoxx Europe 600 advanced 0.5% in late morning trade. -By Steve Goldstein; 44 2078 429 424; [email protected] (END) Dow Jones Newswires June 17, 2010 07:57 ET (11:57 GMT)