MW: U.S. stock futures steady after landmark job losses
U.S. stock futures remained trapped in a close range Friday in the aftermath of data showing the worst drop in monthly employment in 34 years.
S&P 500 futures rose 2.1 points to 842.60 and Nasdaq 100 futures rose 7.5 points to 1,242.00. Dow industrial futures rose 3 points.
In January, the unemployment rate jumped to 7.6% from 7.2% while nonfarm payrolls fell by a seasonally adjusted 598,000 in January after a revised loss of 577,000 in December.
Washington also will be in the spotlight on a possible Senate vote on the stimulus package and on speculation about the Obama administration's bank rescue plan due to be announced Monday.
The dollar rose against the Japanese yen, while the British pound advanced for a second day. Oil futures traded below $40 a barrel and gold futures traded around $915 an ounce.
Two-year note yields fell 2 basis points to 0.95%.
Of companies in the spotlight, Bank of America re-claimed the $5 mark, up over 7% in pre-market trade.
Toyota Motor lost 4% as it warned of a $5 billion operating loss for the fiscal year as sales weaken in Japan and overseas markets and an appreciating yen trims the value of repatriated foreign earnings. The operating loss is Toyota's first since the end of World War II.
News Corp. dropped 4% in Sydney trade after reporting a $6.4 billion loss as it wrote down the value of television stations and newspaper assets it owns. The group says operating income will drop about 30% this year.
News Corp. owns MarketWatch, the publisher of this report.
Hartford Financial Group fell 19% as the insurer reported an $806 million quarterly loss and cut its dividend.
Overseas markets were generally stronger. Shipping stocks in Asia extended gains as the Baltic Dry Index's rise continues to garner attention, with the Nikkei 225 rising 1.6% in Tokyo and the Hang Seng rising 3.6% in Hong Kong.
European stocks also rose, with luxury plays like LVMH, Hermes and BMW advancing. The FTSE 100 rose 0.6% in London and the German DAX 30 rose 0.8% in Frankfurt.
U.S. stocks closed higher on Thursday, with technology and financials pacing the advance. The Dow Jones Industrial Average rose 106 points, the S&P 500 added 13 points and the Nasdaq Composite put on 31 points.
