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US STOCKS-Futures flat before labor market, sales data

Published 04/07/2011, 07:22 AM
Updated 04/07/2011, 07:24 AM
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NEW YORK, April 7 (Reuters) - U.S. stock index futures were little changed on Thursday before data on the labor market and same-store sales, which could offer clues about the outlook for U.S. consumer spending.

* The S&P 500 closed Wednesday above a key technical level and its ability to hold above 1,333.58 will be tested. The level is double the cycle low hit in March 2009 and is near a recent 2-1/2 year high of about 1,344, which could also provide technical resistance.

* The Labor Department releases first-time claims for jobless benefits for the week ended April 2 at 8:30 a.m. (1230 GMT). Economists in a Reuters survey forecast a total of 385,000 new filings compared with 388,000 in the previous week.

* Bed Bath and Beyond Inc shares jumped 9 percent in premarket trade a day after it forecast earnings growth for the current year that would beat Wall Street estimates, following a holiday season that saw U.S. shoppers spend more on home goods.

* Retailer shares will be in focus as major companies release same-store sales data, while a shopping center group will release data on chain store sales for March versus a year ago.

* Among the first sales numbers released on Thursday, Costco Wholesale Corp beat expectations with a 13 percent rise in March same-store sales, compared with a forecast for 7.4 percent.

* S&P 500 futures fell 0.3 point and were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures were unchanged and Nasdaq 100 futures dipped 2.5 points.

* General Electric is set to announce it will build America's largest photovoltaic panel factory, with the goal of becoming a major player in the market, the New York Times reported.

* Pharmaceutical company SuperGen Inc plans to buy privately held biotechnology firm Astex Therapeutics Limited, the companies said on Wednesday.

* Goldman Sachs Group is seeking to buy the 55 percent of its Australian and New Zealand joint venture that it does not already own, the company said on Thursday.

* The European Central Bank is poised to raise interest rates from a record low 1.0 percent on Thursday, with more hikes likely to follow. However, the ECB is expected to give few clues about when the next move will come.

* The Bank of England held interest rates at a record low of 0.5 percent as expected, opting to wait for more signs that the recovery is on track before tightening policy.

* Portugal's financial sector can expect some relief after the caretaker government decided to seek financial aid after months of what many economists said was a refusal to acknowledge economic reality.

* On Wednesday, the Dow Jones industrial average rose 32.85 points, or 0.27 percent, to close at 12,426.75. The Standard & Poor's 500 Index gained 2.91 points, or 0.22 percent, to 1,335.54. The Nasdaq Composite Index advanced 8.63 points, or 0.31 percent, to 2,799.82. (Reporting by Rodrigo Campos; Editing by Kenneth Barry)

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