Aug. 28 (Bloomberg) -- U.S. stock-index futures were little changed as concern higher oil prices will hurt profits at consumer companies offset a rally in insurers spurred by MBIA Inc.'s agreement to back $184 billion in municipal bonds.

General Motors Corp. and Home Depot Inc. fell after crude climbed for a fourth day. Sears Holdings Corp., the biggest U.S. department-store company, dropped on profit that trailed analysts' estimates. American International Group Inc. and Ambac Financial Group Inc. rose as MBIA won new business even after losing its top credit rating.

Futures on the Standard & Poor's 500 Index expiring in September slipped 0.4, or less than 0.1 percent, to 1,281.7 at 8:08 a.m. in New York. Dow Jones Industrial Average futures were unchanged at 11,497. Nasdaq-100 Index futures fell 1.25 to 1,900.5.

``My concern is that we still have not yet seen all of the bad news come to the table,'' James Bevan, who helps oversee about $10 billion as London-based chief investment officer at CCLA Investment Management, said in an interview with Bloomberg Television. ``I'd be much happier attempting to buy the S&P 500 at 1,150,'' or about 10 percent lower than yesterday's closing price, he said.

The S&P 500 has rallied 3.8 percent over the past month on oil's decline and speculation that the worst of the subprime crisis is nearing an end. Reports today on U.S. gross domestic product and jobless claims will provide clues on the pace of economic growth.

Home Depot

Home Depot, the biggest home-improvement chain, declined 8 cents to $27.09. GM lost 10 cents to $10.10.

Crude oil, gasoline and natural gas rose on a forecast Tropical Storm Gustav will be the most damaging since Hurricane Katrina as it moves toward production platforms in the Gulf of Mexico. Crude prices, 66 percent higher than a year ago, have dropped 19 percent from a record $147.27 a barrel on July 11.

Sears dropped 34 cents to $86.64. The company reported second-quarter profit that fell more than analysts estimated after shoppers trimmed spending on appliances and clothing.

Coca-Cola Co. declined 51 cents to $53.28. The world's biggest sodamaker was downgraded to ``neutral'' from ``outperform'' by Credit Suisse Group AG.

MBIA Deal

MBIA jumped $1.47 to $13.45 after agreeing to reinsure municipal bonds for Financial Guaranty Insurance Co. MBIA led bond insurers posting record losses after straying from the business of backing municipal bonds to guaranteeing collateralized debt obligations that have tumbled in value.

AIG, the largest U.S. insurer, added 12 cents to $20.12. Ambac, the bond insurer that lost about three-fourths of its market value this year, gained 75 cents to $5.99.

Fannie Mae, the biggest U.S. mortgage-finance company, gained 40 cents to $6.88. Chief Executive Officer Daniel Mudd replaced three top deputies in an effort to restore investor confidence after record losses and a 90 percent drop in the shares.

U.S. stocks climbed yesterday after orders for durable goods unexpectedly advanced in July and analysts said new investments by Fannie Mae and Freddie Mac will boost their earnings.

A government report today may show the U.S. economy grew in the second quarter at a faster pace than previous projected, led by a jump in exports, according to economists. The Commerce Department's report is due at 8:30 a.m. in Washington.

Separately, initial jobless claims will remain near a six- year high, indicating the job market has weakened, economists forecast a Labor Department report at the same time will show. Applications fell to 425,000, from 432,000 a week earlier, according to the survey median. Claims totaled 457,000 in the week ended Aug. 1, the most since March 2002.

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To contact the reporters on this story: Sarah Jones in London at sjones35@bloomberg.net; Michael Patterson in London at mpatterson10@bloomberg.net.

Last Updated: August 28, 2008 08:10 EDT