Before the bell 4-5-07: Stock futures little soft before the long weekend

Stock futures are lower to flat in early morning trading indicating a similar start for stocks on this last day of trading for the week.

Despite some disappointing economic data yesterday, stock markets finished with gains following easing in oil prices after Iran announced it would release the 15 captive UK sailors. However, overnight, oil prices gained somewhat as easing tensions in the Gulf made way to concerns over tightening US gas stock.

Today, the regular weekly initial jobless claims will be reported at 8:30 a.m. But it is the Labor Department's non-farm payrolls and other employment released tomorrow, despite the markets being closed tomorrow for Good Friday, that is on investors' minds. Economists forecast that non-farm payroll increased by 135,000 jobs in March, up from 97,000 the month before. Unemployment rate is expected to inch up to 4.6% in March from 4.5% in February. Hourly earnings is expected to drop a little from a 0.4% gain in February to 0.3% in March.

Overseas, Asian stocks closed mixed with Japan's Nikkei posting a loss. Stocks in Europe are also mixed midday.
In Europe, the Bank of England left its benchmark interest rate unchanged at 5.25% today, as expected with a majority of economists also forecasting the rate will rise to 5.5% by May.
In Germany, industrial production unexpectedly rose for a fourth month in February, adding to recent data that shows Germany "has overcome a tax increase at the start of the year and the U.S. economic slowdown."

In corporate news:

Micron Technology Inc. (NYSE: MU) shares are up 1.9% in pre-market trading after the company reported a Q2 loss yesterday but gave a bullish forecast.

Constellation Brands Inc. (NYSE: STZ) just reported fourth quarter results, beating analysts earnings per share estimates by a penny.