Stock Futures Hold Ground After Jobs Data

Premarket futures slip off their best levels but continue to indicate that U.S. stocks will open higher, despite the fact that the economy lost 240,000 jobs last month.
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Premarket futures were indicating a higher open for stocks on Wall Street Friday, as corporate earnings took center stage and investors awaited the Bureau of Labor Statistics' October unemployment number.

Futures for the

S&P 500

were higher by 20 points at 924 and were 21 above fair value.

Nasdaq

futures were gaining 30 points at 1271 and were 28 ahead of fair value.

On Thursday, stocks sold off as bearish economic data, dismal corporate earnings statements and slumping retail sales hurt investor sentiment.

Quarterly earnings statements were still occupying investor attention.

Following Thursday's close, entertainment giant

Disney

(DIS) - Get Report

reported decreased earnings, in part because of a charge related to debt owed by bankrupt brokerage

Lehman Brothers

.

Construction management firm

Fluor

(FLR) - Get Report

announced a large rise in third-quarter income.

Meanwhile, communication equipment manufacturer

Qualcomm

(QCOM) - Get Report

announced falling profit and lowered its forward outlook.

Ahead of Friday's trading, investors were girding themselves for quarterly results from automakers

Ford

(F) - Get Report

and

General Motors

(GM) - Get Report

, entertainment company

Discovery Communications

(DISCA) - Get Report

, and telecom firm

Sprint Nextel

(S) - Get Report

.

Beyond earnings,

Microsoft

(MSFT) - Get Report

CEO Steve Ballmer said that his company doesn't intend to work out a merger deal with

Yahoo!

(YHOO)

, according to a report by

Bloomberg

.

Elsewhere on the merger front,

Panasonic

(PC)

and

Sanyo Electric

announced they were discussing a potential deal.

In terms of economic data, the Bureau of Labor Statistics is slated to release its October nonfarm payrolls numbers. Also on tap is the Census Bureau's wholesale inventories report for September, along with the

Federal Reserve's

look at consumer credit.

In commodities, crude oil was gaining $1.43 to $62.20 a barrel. Gold was adding $9.90 to $742.10 an ounce.

Longer-dated U.S. Treasury securities were mixed. The 10-year note was flat in price, yielding 3.69%, and the 30-year was adding 2/32 to yield 4.10%. The dollar was softening vs. its major foreign competitors.

European stock indices, such as the FTSE in London and the DAX in Frankfurt, were working their way higher. In Asia, Japan's Nikkei closed on the downside, while Hong Kong's Hang Seng finished with gains.