Before the Bell: Futures Lower After Fed Statement, Ahead of Data

As it completed its two-day policy meeting, The Federal Reserve declared financial markets healthy enough to issue dates for its planned exit from liquidity and credit facilities. Still, while noting the economy is improving, weakness will remain, the Fed stated. Despite its pledge to keep interest rates "exceptionally low" for an "extended period," the Fed's plans to remove most emergency aid helped dent sentiment in the markets.

Today, several economic reports are due:

• At 8:30 a.m. Eastern, weekly initial and continuing jobless claims will be reported. Economists estimate initial claims have fallen to 465,000 in the week ended Dec. 12, down 9,000 from 474,000 filed the prior week.
• At 10:00 a.m., the Conference Board will release the November index of leading economic indicators. LEI is expected to have risen 0.7% after rising 0.3% in October.
• At the same time, the Philadelphia Fed index, a regional manufacturing gauge, is expected to have inched down in December.

Also today, the Senate Banking Committee will be voting on Federal Reserve Chairman Ben Bernanke's confirmation.

Overseas, world stock markets fell Thursday while the dollar strengthened to a three-month high against the euro after the Federal Reserve signaled it would start exiting some of the emergency programs.

Meanwhile, oil prices fell to near $72 a barrel Thursday. Oil surged nearly $2 on Wednesday after signs of recovering crude demand were seen by the weekly crude supplies. However, many question whether the demand can be sustained next year.

Among the stocks in the news: Bank of America Corp (BAC) finally named Brian Moynihan to succeed Kenneth Lewis as CEO, and at Citigroup (C), U.S. Treasury delayed a plan to sell its $5 billion of Citigroup shares after weak demand by a bank's offering.