BLBG: U.S. Index Futures Gain After S&P 500 Rout as Oil Shares Rebound
U.S. stock-index futures advanced, as oil-related companies rebounded, and before a report forecast to show retail sales increased in November.
Futures on the Standard & Poor’s 500 Index (SPX) expiring this month added 0.2 percent to 2,030.6 at 6:23 a.m. in New York. Dow Jones Industrial Average contracts gained 32 points, or 0.2 percent, to 17,574.
“We see nervy optimism,” Keith Bowman, an equity analyst at Hargreaves Lansdown Plc in London, said in a phone interview. “We’ve still got central banks standing behind markets. I’m sure there is some hope that today’s retail figures could add more support after last week’s extremely good set of jobs figures.”
The S&P 500 slid the most in seven weeks yesterday as energy shares renewed a selloff. Oil tumbled to a five-year low as the Organization of Petroleum Exporting Countries cut its forecast for how much crude it will need to provide in 2015 to the lowest in 12 years amid surging U.S. shale supplies and reduced estimates for global consumption.
Investors are gauging economic data before the Federal Reserve’s policy meeting next week. Reports at 8:30 a.m. in Washington may show retail sales rose at a faster pace in November than in October, while initial jobless claims were unchanged last week, according to economist predictions.
Among oil-related companies, Oasis Petroleum Inc. added 3.7 percent in premarket New York trading. Halliburton Co., the second largest oil-field services company, advanced 0.7 percent, and Transocean Ltd., owner of the biggest fleet of deep-water drilling rigs, climbed 1.9 percent.
Lululemon Athletica Inc. (LULU) fell 2 percent. The yogawear maker predicted fourth-quarter earnings and revenue below analyst estimates, even as it posted better-than-expected third-quarter profit and raised its full-year forecast.
Fiat Chrysler Automobiles NV (FCAU) declined 1.5 percent after it priced a share offering at a 4.1 discount to yesterday’s close. Shares yesterday plunged the most since the merged carmaker’s October debut on the New York Stock Exchange.
To contact the reporter on this story: Jonathan Morgan in Frankfurt at jmorgan157@bloomberg.net
To contact the editors responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net Alan Soughley, Trista Kelley
