Market Hustle: Futures Pare Losses as Durable Goods Fall Less Than Forecast; Best Buy Beats Estimates
NEW YORK (TheStreet) -- Stock futures were paring losses Thursday as data on durable goods orders for January fell less than expected, a longer-term indicator on joblessness appeared to have neither risen nor fallen. Best Buy (BBY) jumped following an upbeat earnings report.
- Dow Jones Industrial Average futures were down 26 points, or 25.41 points below fair value, to 16,152. S&P 500 futures were off 3 points, or 4.01 points below fair value, to 1,839. Nasdaq futures were up 0.5 points, or 1.3 points below fair value, to 3,674.3.
- Federal Reserve Chairwoman Janet Yellen's testimony before the Senate Banking Committee in Washington will begin at about 10 a.m. EST. Investor focus will be on commentary regarding recent economic reports and weather impacts.
- Initial jobless claims for the week ending Feb. 22 rose 14,000 to 348,000, according to the Labor Department, compared with the average estimate of economists of 335,000. The four-week moving average was unchanged.
- Durable goods orders fell by a less-than-expected 1% in January vs. the expected 1.5% decline, according to the Census Bureau.
- European stocks were down despite data showing a greater-than-expected fall in joblessness in February in Germany amid elevated tensions in Ukraine, sluggish economic growth in Spain, and a spate of poor corporate earnings reports. The DAX in Germany was shedding 1.47% and the UK FTSE 100 was down 0.83%. Hong Kong's Hang Seng index gained 1.74% and the Nikkei 225 in Japan fell 0.32%.
- Best Buy was surging more than 7% after its fourth-quarter earnings of $1.24 a share surpassed estimates by 23 cents. Baidu (BIDU) was gaining 4.68% as mobile revenue growth drove the company to better-than-expected quarterly results.
- Hilton (HL)T was taking a hit, down 2.4% after reporting fourth-quarter earnings per share of 11 cents, 5 cents short of the Wall Street target.
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