U.S. Stock Futures Retreat on Jobless Claims, Earnings
U.S. stock-index futures fell, signaling the market may snap a two-day advance, after jobless claims topped economists’ estimates and earnings trailed projections at Exxon Mobil Corp. and United Parcel Service Inc.
Futures on the Standard & Poor’s 500 Index expiring in June lost 0.3 percent to 1,382.7 at 8:32 a.m. in New York.
Jobless claims fell by 1,000 to 388,000 in the week ended April 21 from a revised 389,000 the prior period that was higher than initially estimated, Labor Department figures showed. The median forecast of 48 economists surveyed by Bloomberg News called for a drop to 375,000.
The S&P 500 rallied 1.4 percent yesterday after Apple Inc.’s earnings almost doubled and Federal Reserve Chairman Ben S. Bernanke said he’s prepared to do more to stimulate growth if needed. The index, which is up 11 percent so far in 2012, is 2 percent below an almost four-year high reached on April 2.
Earnings have beaten analysts’ estimates at 76 percent of the 231 companies in the S&P 500 that have released results since April 10, according to data compiled by Bloomberg. Per- share profits have grown 9.7 percent for the group, led by a 22 percent increase in technology company earnings.
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