U.S. stock futures pointed to a mixed start Thursday, with downbeat results out of Cisco Systems weighing on the tech sector but the broader market steady as another wave of corporate results were on deck.
S&P 500 futures slipped a half point to 829.30 while Dow industrial futures rose 17 points, but futures on the tech-heavy Nasdaq 100 lost 16.75 points to 1,197.20.
U.S. stocks closed lower Wednesday, with initial gains evaporating after downbeat results from consumer plays like Kraft, Walt Disney and Time Warner. Kraft and Walt Disney dragged the Dow industrials down 121 points, while other indexes sported more modest falls, with the S&P 500 losing 6 points and the Nasdaq Composite retreating 1 point.
The decline also came as President Obama outlined restrictions on executive pay at firms that take government money.
Thursday's session features data on weekly jobless claims, fourth-quarter productivity and December factory orders.
Two foreign interest rate decisions also are on the docket, with the Bank of England expected to cut interest rates while the European Central Bank is expected to stand pay.
Retailers also will be unveiling January same-store sales. Analysts polled by Thomson Reuters expected a 2.3% drop for the sector -- or a 5.7% drop excluding the results from Wal-Mart Stores .
The dollar edged up against the Japanese yen, and oil futures traded above $40 a barrel. Gold futures climbed $14 an ounce.
Cisco fell 4% in Frankfurt as the network equipment maker said it expects current quarter sales falling between 15% and 20%, worse than market estimates. Its quarterly profit dropped 27%
"We believe the broad-based deterioration points to further weakening of the macro environment and given Cisco's broad exposure to multiple end markets and geographies, likely limits upside over the near term," said analysts at Cowen & Co.
Visa may climb as the firm said its earnings will meet targets in 2009 after a 35% first quarter profit rise.
Warren Buffett's Berkshire Hathaway was back in the market with a $2.6 billion investment in Swiss Re that will pay a 12% coupon and could convert into a stake of more than 20% in the company.
Thursday's wave of earnings includes results from Kellogg , Burger King and MasterCard .
Asia stocks finished mostly lower, with optimism over dry bulk shipping rates lifting shipping shares but financials struggling.
Japan's Nikkei 225 finished the day 1.1% lower, South Korea's Kospi lost 1.5%, Australia's S&P/ASX 200 gave up 0.3% and China's Shanghai Composite declined 0.5%, unable to latch on to their early gains.
Lenovo Group's CEO William Amelio stepped down from the Chinese computer maker, as the group reported a $96.7 million quarterly loss.
Europe stocks sagged before the rate decisions, dragged lower by banks as well as concern over Unilever . The FTSE 100 slipped 0.2% in London and the German DAX lost 0.4%.
