NEW YORK (
) -- Stock futures were pointing to a lower open on Wall Street Friday indicating a pullback from the record gains of the prior session after investor confidence took a hit from a disappointing job report and lackluster personal income and spending data.
Futures for the
were down 0.75 points, or 2.52 points below fair value, to 1,699.50. The
crossed 1,700 for the first time in its storied history Thursday after an encouraging U.S. initial jobless claims report and solid earnings reports from
Procter & Gamble
amid indications that the
has no intention to reduce its stimulative bond-buying program anytime soon.
Futures for the
Dow Jones Industrial Average
were off 8 points, or 23.02 points below fair value, to 15,542.
The July nonfarm payrolls report showed an addition of a less than expected 162,000 jobs last month after a downwardly-revised 188,000 in June, according to the Bureau of Labor Statistics. Meanwhile, the release said that the jobless rate slipped to a lower-than-expected 7.4% from 7.6% but amid a decline in the labor participation rate. Economists, on average, were expecting nonfarm payrolls to rise by 184,000 and the unemployment rate to fall to 7.5%.
Personal income rose by a less-than-expected 0.3% in June, down from a downwardly-revised 0.4% in May, according to Bureau of Economic Analysis. Economists were expecting personal income to increase 0.4%. Personal spending increased by an as expected 0.5%, up from a downwardly revised 0.2%.
At 10 a.m. EDT, the Census Bureau is expected to say that factory orders increased 2.3% in June after rising 2.1% in May.
President James Bullard speaks about the economy in Boston at 12:15 p.m.
American International Group
(AIG - Get Report)
was jumping 5.37% to $49.60 in premarket trading after the insurance giant posted a 17% increase in second-quarter net income, declared a 10-cent dividend and said its board approved a share buyback plan of up to $1 billion.
(LNKD - Get Report)
shares were surging 9.86% to $234 in premarket trading after the professional networking site reported second-quarter earnings results that topped Wall Street forecasts as the company posted a profit of 38 cents a share on revenue of $363.7 million, a 59% increase from a year earlier.
LinkedIn forecast revenue
for the current quarter that trailed forecasts. The company said it is expecting sales in a range of $367 million to $373 million, trailing an average analyst projection for $383.3 million, according to data compiled by
(TM - Get Report)
was rising 2.67% to $129.61 after saying Friday that fiscal first-quarter profit nearly doubled on a weaker yen and it set a worldwide production goal for the 2013 calendar year at 10.1 million vehicles, which would be an industry record, according to
The Associated Press
. The Japanese automaker also raised its full-year earnings forecast to 1.48 trillion yen ($14.8 billion), up almost 54% from the previous year.
was adding on 5.21% to $13.63 after
reported that the company's special committee has reached a deal with the buyout group led by CEO Michael Dell to acquire the company for $13.75 a share.
The FTSE 100 in London was slipping 0.11%, while the DAX in Germany was up 0.07%. The Hong Kong Hang Seng finished up 0.46%, and the Nikkei 225 in Japan closed ahead by 3.29%.
The benchmark 10-year Treasury was declining 6/32, raising the yield to 2.734%. The dollar was rising 0.07% to $82.40 according to the
U.S. dollar index
Written by Andrea Tse in New York
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