Stock futures were moderately higher this morning, indicating a similar start for U.S. stocks. Of, course the direction could change within a blink once the government's job report is released an hour before the opening bell.Thursday, U.S. stocks ended little changed as, much like this morning, many were looking for direction ahead of the December non-farm payroll release. The Dow industrials rose 12 points, or 0.1%, the Nasdaq Composite lost nearly 7 points. or 0.27%, and the S&P 500 was absolutely flat.
Today, at 8:30 a.m. EST, December non-farm payroll data are due. According to Briefing.com and Bloomberg, economists expect an addition of 70,000 jobs in December, much lower than the 94,000 jobs added in November. Unemployment is estimated to have risen to 4.8% from 4.7% the month before, a 17-month high. Hourly earnings are expected to show a 0.3% increase, after a 0.5% rise in November.
According to MarketWatch, however, their survey of economists predict an even slower job report, saying "payrolls likely grew by about 58,000 in December." Other economists yet even predict a decline in Job.
At 10:00 a.m. EST, the ISM services index for December is due and is expected to have declined.
After again crossing the $100 a barrel mark Thursday several times during the session due to larger-than-expected drop in U.S. crude stockpiles, oil prices fell slightly Friday from the previous session's close. Light, sweet crude for February delivery was down 35 cents to $98.83 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.
Overseas, while Asian markets were mostly higher, Japanese stocks had some catch-up to do as it was the first day this year markets were open. The benchmark Nikkei plunged 4%. Hong Kong, China, Singapore and even Pakistan markets were generally higher though.
European shares were higher for the first time in three days.
In corporate news:
Bed Bath & Beyond Inc (NASDAQ: BBBY) shares tumbled almost 10% in after-hours trading after the retailer posted a lower quarterly profit on Thursday and warned its fourth-quarter results, including the holiday shopping season, would be lower than expected.
Boeing Co. (NYSE: BA) said late Thursday that it had received orders for 1,413 commercial jets last year, with 846 orders for Boeing's 737 narrow-body model and 369 orders for the fuel-efficient 787 Dreamliner. Boeing set a third consecutive annual record as sales were driven by demand from Asian and Middle Eastern airlines. Yet a Boeing's senior management said it is unlikely there will be a fourth straight year of orders above 1,000 in 2008.
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