U.S. stock futures were mixed and little changed Thursday morning, as investors await for yet another day of the Big Three on Capitol Hill testifying in front of Congress as they ask for a $34 billion bailout. Retailers will also be in focus today as they report November sales, which no one really expect will be anything to cheer about. Analysts expect retailers to post a 2.4% decline overall.Overseas, Asian markets finished mostly lower, erasing earlier gains. In Europe, stocks were higher as investors awaited decision on interest rates. So far, the Bank of England cut rates by a full percentage point to 2%, the lowest level since 1939.
Meanwhile, oil prices sank Thursday to lows last seen nearly four years ago as concern over demand for the crude grew with more bleak news from the world's largest economy. Some now think crude could tumble below $40 by the end of the year.
Also, some economic reports are due out today: Before the market open, a report on weekly jobless claims will be released, a day after the ADP private sector job report and a day ahead of the government's nonfarm payroll release. At 10 a.m. EST, October factory orders is due and is expected to show further decline.
[update 8:35: Futures have turned much lower as morning progressed and more news of layoffs, lowered guidances and abysmal retail sales reports hit the wire.]
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
