* Costco June sales top expectations
* Initial claims, import-export prices due
* Bernanke comments cool stimulus-slowing ideas
* Futures up: Dow 149 pts, S&P 18.7 pts, Nasdaq 31.25 pts
By Chuck Mikolajczak
NEW YORK, July 11 U.S. stock index futures
climbed on Thursday, after comments by U.S. Federal Reserve
Chairman Ben Bernanke indicated the central bank was unlikely to
scale back its stimulus measures earlier than expected.
Bernanke, at an economic conference in Cambridge,
Massachusetts on Wednesday, said a highly accommodative monetary
policy was needed for the foreseeable future, and that the U.S.
unemployment rate of 7.6 percent overstated the health of the
On May 22, the S&P 500 fell as much as 5.8 percent
following comments from Bernanke which raised the prospect of an
earlier-than-expected move by the central bank to scale back its
bond buying program.
"(Fed policymakers) don't have any more clarity about what it
going to happen in the future than any other human being on
earth, but they do have clarity as to their actions," said Kim
Forrest, senior equity research analyst, Fort Pitt Capital Group
"Even though there is all this talk of transparency, it
doesn't seem like it is paying off, the markets are as confused
The Fed chairman's comments sent the dollar lower and
boosted commodities such as gold and copper.
U.S.-listed shares of Barrick Gold climbed 4.4 percent
to $14.62 while Freeport McMoRan Copper & Gold gained
2.4 percent to $28.25 in premarket trade.
The benchmark S&P 500 has risen 2.4 percent over the past
five sessions, its longest winning streak since early March, on
optimism over improving economic data and anticipation of a
better-than-expected earnings season.
Investors await weekly initial jobless claims data and June
import-export prices, to be released at 8:30 a.m. EDT (1230
GMT). Economists surveyed by Reuters forecast a total of 340,000
new filings. Import prices are expected to remain unchanged
while export prices are expected to show a 0.1 percent decline.
S&P 500 futures rose 18.7 points and were well above
fair value, a formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures gained 149
points, and Nasdaq 100 futures jumped 31.25 points.
Retail stocks will garner attention as they post monthly
sales results. Costco Wholesale Corp reported June
same-store sales that beat analysts' estimates, helped by higher
Analysts expect S&P 500 companies' second-quarter earnings
to have grown 2.6 percent from a year ago, with revenue up 1.5
percent, according to Thomson Reuters data.
Advanced Micro Devices Inc jumped 7.5 percent to
$4.28 before the opening bell, after Bank of America Merrill
Lynch upgraded it to "buy" from "underperform."
European shares hit five-week highs, led by growth-sensitive
stocks, while Asian shares hit a near four-week high after