MW: U.S. stock futures climb ahead of auction, European meeting
By Steve Goldstein, MarketWatch
LONDON (MarketWatch) -- U.S. stock futures rose Thursday ahead of data on jobless claims, a key gathering of European leaders and another test of appetite for U.S. government debt.
S&P 500 futures rose 4.1 points to 1,168.70 and Nasdaq 100 futures added 7.25 points to 1,958.70. Futures on the Dow Jones Industrial Average rose 30 points.
U.S. stocks ended lower Wednesday, returning about half the prior session's gains after a downgrade of Portugal's credit rating and weaker-than-expected demand for an auction of 5-year notes. The Dow Jones Industrial Average fell 52 points, the Nasdaq Composite lost 16 points and the S&P 500 fell 6 points.
The session also was marked by big moves in the dollar -- the biggest one-day gain vs. the euro since Jan. 20 and the biggest one-day assault on the Japanese yen since Dec. 4. The dollar (DXY 81.70, -0.14, -0.17%) was weaker against key rivals on Thursday.
Thursday will feature an auction of $32 billion in seven-year notes, the release of weekly jobless claims data, and testimony from Federal Reserve Chairman Ben Bernanke on the topic of exit strategy.
Overseas, attention turns to a two-day gathering of European leaders amid disputes throughout the euro zone on what type of support, if at all, to offer Greece. The European Central Bank relaxed collateral rules that will make it easier for Greek lenders who seek funding next year.
The Greek stock market was closed for a national holiday, but stocks across Europe advanced. The euro (CUR_EURUSD 1.3361, +0.0041, +0.3078%) also was marginally higher.
Also on the sovereign debt front, the Dubai government reportedly will give $9.5 billion in new funding to support the restructuring of Dubai World and Nakheel.
Earnings are due from Best Buy (BBY 41.18, -0.33, -0.79%) , ConAgra Foods (CAG 26.10, -0.18, -0.68%) , and after the close, Oracle (ORCL 25.76, -0.23, -0.88%) .
The Nikkei 225 edged up 0.1% following the dramatic moves on Wednesday for the yen, while stocks in China and Hong Kong declined.