MW: U.S. stock futures drop as markets sound cautious note
By Kate Gibson & Steve Goldstein, MarketWatch
NEW YORK (MarketWatch) -- U.S. stock futures weakened Thursday as markets took a cautious tone ahead of the second day of congressional testimony from Federal Reserve Chairman Ben Bernanke and after mixed economic data.
S&P 500 futures fell 10.1 points to 1,093.5 and Nasdaq 100 futures fell 14.5 points to 1,799.5. Futures on the Dow Jones Industrial Average dropped 83 points to 10,272.
Stock futures fell further after early economic data had the count of those filing first-time claims for jobless benefits unexpectedly rising last week, while orders for U.S.-made durable goods jumped 3% in January.
Snowstorms and other events in recent weeks have distorted the jobless data, rendering it less reliable, said Dan Greenhaus, chief economic strategist at Miller Tabak.
Still, "it is quite clear that the labor market remains quite stressed with various indicators still suggesting robust employment growth remains elusive," Greenhaus said.
U.S. stocks climbed Wednesday as Bernanke soothed markets by repeating a low-interest-rate pledge, sending the Dow Jones Industrial Average up 91 points, the Nasdaq Composite up 22 points and the S&P 500 up 10 points.
Greece remained in the spotlight as Standard & Poor's during Wednesday's session threatened the nation was on the verge of junk status within a month, while Moody's said it would keep the rating unchanged if promised spending cuts by the government are enacted.
The Greek jitters sent investors away from the euro (CUR_EURUSD 1.35, -0.01, -0.45%) , which fell to the low $1.35 area, and to government bonds, which rose in the U.S. and Germany.
S&P 500 futures fell 10.1 points to 1,093.5 and Nasdaq 100 futures fell 14.5 points to 1,799.5. Futures on the Dow Jones Industrial Average dropped 83 points to 10,272.
Stock futures fell further after early economic data had the count of those filing first-time claims for jobless benefits unexpectedly rising last week, while orders for U.S.-made durable goods jumped 3% in January.
Snowstorms and other events in recent weeks have distorted the jobless data, rendering it less reliable, said Dan Greenhaus, chief economic strategist at Miller Tabak.
Still, "it is quite clear that the labor market remains quite stressed with various indicators still suggesting robust employment growth remains elusive," Greenhaus said.
U.S. stocks climbed Wednesday as Bernanke soothed markets by repeating a low-interest-rate pledge, sending the Dow Jones Industrial Average up 91 points, the Nasdaq Composite up 22 points and the S&P 500 up 10 points.
Greece remained in the spotlight as Standard & Poor's during Wednesday's session threatened the nation was on the verge of junk status within a month, while Moody's said it would keep the rating unchanged if promised spending cuts by the government are enacted.
The Greek jitters sent investors away from the euro (CUR_EURUSD 1.35, -0.01, -0.45%) , which fell to the low $1.35 area, and to government bonds, which rose in the U.S. and Germany.
