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US STOCKS-Futures little changed as Washington talks continue
October 11, 2013 / 12:06 PM / 4 years ago

US STOCKS-Futures little changed as Washington talks continue

* JP Morgan climbs in premarket, despite loss in quarter

* Washington political talks continue to end crisis

* UMich data on tap

* Futures up: Dow 25 pts, S&P 2.2 pts, Nasdaq 4 pts

By Chuck Mikolajczak

NEW YORK, Oct 11 (Reuters) - U.S. stock index futures were little changed on Friday, in the wake of the biggest rally since the first trading day of the year, as talks continued in Washington to end a fiscal stalemate that has shut down the government for days.

* After meeting at the White House on Thursday, President Barack Obama and Republican leaders appeared ready to end a crisis that shut much of the U.S. government Oct. 1. The crisis began late in September as Republicans tied continued government funding to measures that would undercut the Affordable Care Act, Obama’s signature legislative accomplishment.

* Although no deal emerged from the 90-minute meeting, talks continued into the night in an effort to re-open the government and extend the government’s borrowing authority beyond an Oct. 17 deadline.

* Major U.S. stock indexes staged their strongest rally in more than nine months on Thursday, leaving the S&P 500 less than 2 percent away from its record closing high set three weeks ago.

* JPMorgan Chase & Co rose 2.6 percent to $53.89 in premarket trading, even as the biggest U.S. bank by assets reported a rare quarterly loss after incurring $9.2 billion in legal expenses. Excluding litigation expense and reserve release, it earned a profit of $5.82 billion, or $1.42 a share.

* S&P 500 futures rose 2.2 points and were roughly even with 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 25 points and Nasdaq 100 futures added 4 points.

* Later in the session at 9:55 a.m. EDT (1355 GMT), the Thomson Reuters/University of Michigan Surveys of Consumers October preliminary consumer sentiment index is due to be released. Economists in a Reuters survey expect a reading of 76.0 compared with 77.5 in the final September report.

* Micron Technology Inc fell 2.3 percent to $18 before the opening bell, after the chipmaker posted a smaller-than-expected fiscal fourth-quarter net profit on Thursday.

* European stocks edged higher as investors waited to see if an agreement would finally be reached in Washington on the U.S. debt ceiling.

* Asian stocks jumped to three-week highs as investors took a chance and cheered perceived progress in Washington to avert a possible debt default.

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