U.S. stock-index futures fluctuated between gains and losses after the Standard & Poor’s 500 Index and Dow Jones Industrial Average climbed to the highest levels since June 2008. Wal-Mart Stores Inc., the world’s biggest retailer, declined in early New York trading as JPMorgan Chase & Co. cut its recommendation on the shares. General Electric Co. advanced after agreeing to buy the well-support division of John Wood Group Plc. Emergency Medical Services Corp. sank 11 percent. S&P 500 futures expiring in March slipped less than 0.1 percent to 1,326.8 at 7:34 a.m. in New York, having earlier risen 0.2 percent. Dow average futures were little changed at 12,246 and futures on the Nasdaq-100 Index dropped less than 0.1 percent to 2,377.5. The S&P 500 has advanced 5.7 percent this year as better- than-forecast economic data and company earnings boosted confidence in the global recovery, while the Federal Reserve continued its program of buying $600 billion in Treasuries. Fed Chairman Ben S. Bernanke said last week the economic recovery has strengthened while unemployment will remain high “for some time.” His comments back speculation the central bank is waiting for further proof of a durable pickup in the job market as it presses ahead with its quantitative easing plan. China’s statistics bureau is due to release January inflation data tomorrow. Growth in consumer prices may have accelerated to a 30-month high of 5.4 percent, according to the median estimate of economists surveyed by Bloomberg. ‘Umbilical Cord’ “There’s an umbilical cord between regions,” said Jacques Porta, a fund manager at Ofi Patrimoine in Paris, which oversees about $425 million in stocks. “What will be important will be the data out of China, and if the figure is good, that can push markets higher. We’re waiting to see.” More than 73 percent of the 348 companies in the S&P 500 that reported results since Jan. 10 have topped analysts’ per- share profit predictions, according to data compiled by Bloomberg. Marriott International Inc. and Agilent Technologies Inc. are among companies scheduled to report earnings today. Economic reports this week may show U.S. retail sales climbed in January, manufacturing expanded, prices were contained, and housing was depressed. Wal-Mart lost 0.8 percent to $55.25 in early New York trading. JPMorgan cut its recommendation on the stock to “neutral” from “overweight.” GE Gains GE rose 0.4 percent to $21.42 in New York. The Fairfield, Connecticut-based company agreed to buy the well-support division of Wood Group for about $2.8 billion, adding equipment that helps extract more oil and gas from mature fields to round out its offerings. Emergency Medical Services plunged 11 percent to $63.20 as Clayton Dubilier & Rice LLC agreed to buy the provider of healthcare and physician services for $64 a share in cash, or $3.2 billion. The purchase price is still 19 percent above EMS’s Dec. 13 close, the day before the Greenwood Village, Colorado- based company said it was looking at strategic alternatives. Clorox Co., the maker of cleaners including its namesake bleach and Pine-Sol, slipped 1.9 percent to $69.91 in early trading. UBS AG cut its recommendation on the stock to “neutral” from “buy.” To contact the reporter on this story: Adria Cimino in Paris at acimino1@bloomberg.net. To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.

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