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RTRS: US STOCKS-Futures flat on auto rescue unease
 
* Caution over auto bailout hobbles sentiment

* P&G backs outlook; Costco profit beats estimates

* Jobless claims on tap

* For up-to-the-minute market news, please click on [STXNEWS/US]

By Chuck Mikolajczak

NEW YORK, Dec 11 (Reuters) - U.S. stock futures were little changed on Thursday due to caution ahead of a likely vote in the Senate on the rescue package for U.S automakers.

The proposal, providing up to $14 billion in loans to the beleaguered U.S. automakers was passed by the House of Representatives late Wednesday but its prospects look grim in the Senate where supporters face an uphill struggle to keep it alive. For details, see [ID:nN09294627]

Shares of General Motors (GM.N: Quote, Profile, Research, Stock Buzz) and Ford (F.N: Quote, Profile, Research, Stock Buzz) were little changed before the bell.

"The House passed the bill last night, and now it's in the Senate where it appears that the chances are somewhat slim," said Peter Cardillo, chief market economist at Avalon Partners in New York. "m."

S&P 500 futures SPc1 rose 0.20 points but were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures DJc1 climbed 15 points, and Nasdaq 100 NDc1 gained 4.75 points.

In Wednesday's trading, U.S. stocks ended narrowly averting what would have been a second straight day of losses when a surge in energy shares lifted the market, offsetting nervousness about the auto rescue.

Year-to-date the S&P 500 is off 38.7 percent, but has gained 19.5 percent since hitting its bear market low of Nov. 21. From its 2007 record, the index is off about 42 percent.

Without government help. investors fear that a possible failure or bankruptcy in the auto sector could send shockwaves through the economy and worsen unemployment.

The bill, negotiated by Democrats and the Bush administration, cleared the House by 237-170 but appeared to be falling short of the 60 votes necessary to overcome procedural obstacles in the Senate.

Aside from the focus on the auto sector, investors would sift through a weekly report on jobless claims to gauge the extent of the impact of the year-long recession on the labor market. The data is due at 8:30 a.m. (1330 GMT).

In corporate news, consumer products maker Procter & Gamble (PG.N: Quote, Profile, Research, Stock Buzz) said it was on track to meet its earnings forecast for both the current quarter and the full year, though sales will probably be weaker than expected because of the recession. [ID:nN11371651]
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