2:43 AM
Stock index futures retreat; eyes on data
Addison Ray
PARIS | Thu Sep 23, 2010 5:25am EDT
PARIS (Reuters) - Stock index futures pointed to a lower open on Wall Street on Thursday, with futures for the S&P 500 down 0.6 percent, Dow Jones futures down 0.4 percent, and Nasdaq 100 futures down 0.2 percent at 5.08 a.m. EDT.
European stocks fell 0.7 percent in early trade as investors fretted about the region's economy after data showed the pace of growth in the euro zone's services and manufacturing sectors slowed more than expected this month.
Economic data on tap on Thursday include weekly initial jobless claims, existing home sales for August and leading economic indicators for August, while companies expected to release quarterly results included Nike (NKE.N) and Rite Aid (RAD.N).
Red Hat Inc (RHT.N) will be in focus after reporting lower fiscal second-quarter profit on Wednesday that beat Wall Street forecasts, as sales of its software rose sharply. Its shares rose 1.9 percent after the bell.
Bed Bath & Beyond (BBBY.O) will also be in the spotlight after the company beat quarterly profit and sales estimates and boosted its full-year view, sending its shares up 5.5 percent after the bell.
United Parcel Service Inc (UPS.N) will open its first Asian healthcare supply chain facility in Singapore in 2011 as it expands into the logistics business.
Starbucks Corp (SBUX.O) said it planned to charge more for large-sized and labor-intensive drinks because of surging prices for coffee and other commodities.
The timing of the U.S. Securities and Exchange Commission's case against Goldman Sachs (GS.N) was "suspicious," a federal watchdog said, suggesting the SEC used it to divert attention from a report sharply criticizing its probe into accused Ponzi schemer Allen Stanford.
Microsoft (MSFT.O) sold $4.75 billion in new debt on Wednesday, some of it at the lowest U.S. corporate borrowing rate on record, as the world's largest software company took advantage of low interest rates to raise cash.
The benchmark Euro STOXX 50 .STOXX50E, the euro zone's blue chip index, pierced its 200-day moving average and fell below a key support level, the 50 percent retracement of the index's drop to a May low from an April high.
Much of Asia was closed, with public holidays in Japan, China, Hong Kong and South Korea.
U.S. stocks slipped on Wednesday, ending the Dow's five-day winning streak, following Adobe's discouraging revenue outlook and investor disappointment over Microsoft's new dividend.
The Dow Jones industrial average .DJI dipped 21.72 points, or 0.2 percent, to 10,739.31. The Standard & Poor's 500 Index .SPX slipped 5.50 points, or 0.5 percent, to 1,134.28. The Nasdaq Composite Index .IXIC lost 14.80 points, or 0.6 percent, to 2,334.55.
(Reporting by Blaise Robinson; Editing by Dan Lalor)
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