Broker Center sponsored links

US STOCKS-Futures flat before June payrolls, rising oil

Thu Jul 3, 2008 8:12am EDT
 
Email | Print | | Reprints | Single Page
[-] Text [+]

* Wall St to take its lead from U.S. payrolls data

* Oil sets record above $145 a barrel

* Nvidia lowers forecasts, seen weighing on techs

* ISM services data on tap

By Walker Simon

NEW YORK, July 3 (Reuters) - U.S. stock futures were little changed on Thursday as oil climbed to a record and investors awaited U.S. non-farm payrolls data for June for clues whether the weak economy has moved closer to recession.

U.S. oil futures CLc1 jumped nearly $2 a barrel to $145.85 before the long holiday weekend marking U.S. Independence Day on Friday.

A barrage of gloomy outlooks on the U.S. economy and corporate profits sent the Dow and Nasdaq into bear market territory Wednesday, 20 percent below their October peaks. The S&P teetered on the edge of the bear market, also pressured by warnings of bank losses, fear of surging inflation and weakening consumer confidence.

In a shortened session on Thursday, technology shares could be hurt by Nvidia Corp (NVDA.O: Quote, Profile, Research, Stock Buzz), the graphics chip maker, which cut its second-quarter sales and profit margins outlook late on Wednesday. Nvidia cited global market weakness, and its shares fell 23.5 percent to $13.80 after the bell.  Continued...

 

Featured Broker sponsored link

Editor's Choice

  • Pictures
  • Video
  • Articles
Photo

A selection of our best photos from the past 24 hours.  View Slideshow 

Most Popular on Reuters

  • Articles
  • Video
  • Recommended