US STOCKS-Wall St set to open little changed; oil skids
REUTERS 9:08 AM ET 6/30/2016
Symbol Last Price Change
DRI 65.96up 0 (0%)
QUOTES AS OF 04:04:10 PM ET 06/29/2016
* Oil prices fall 1.4 pct
* Weekly jobless claims higher than expected
* Futures up: Dow 10 pts, S&P 0.75 pts, Nasdaq 1.75 pts (Adds details, comment, updates prices)
By Yashaswini Swamynathan
June 30 (Reuters) - Wall Street was set to open little changed on Thursday as investors shift their focus to broader economic factors such as oil prices and Brexit fears take a back seat.
Oil fell about 1.4 percent on fears that higher output from Nigeria, which was disrupted last month, could pressure prices.
The three major indexes have recouped more than half of the losses suffered after a shock vote by Britain to leave the European Union. In a two-day panic selloff after the vote, global markets lost about $3 trillion in value.
"After the two days of strong rally, the market is going to do its own thing," said Peter Cardillo, chief market economist at First Standard Financial in New York.
"The focus now shifts to reality and the performance of the global economy, which is not all that promising," Cardillo said, adding that some traders would make adjustments to their portfolios as the quarter ends.
Dow e-minis were up 10 points, or 0.06 percent at 9:06 a.m. ET (1306 GMT), with 37,589 contracts changing hands. S&P 500 e-minis were up 0.75 points, or 0.04 percent, with 316,589 contracts traded. Nasdaq 100 e-minis were up 1.75 points, or 0.04 percent, on volume of 33,243 contracts.
The number of Americans filing for unemployment benefits rose last week to 268,000, but remained below a level associated with a healthy labor market.
The data is a precursor to the more comprehensive monthly jobs numbers due next week, which the U.S. Federal Reserve will assess to determine whether it will raise interest rates this year.
Traders have priced in only a 13.4 percent chance of a hike as late as December, according to CME Group's FedWatch tool.
St. Louis president James Bullard is expected to speak on U.S. monetary policy outlook in London at 3:15 p.m. ET. Bullard's speech will be parsed for clues on whether the Fed has modified its forecasts after the Brexit vote.
Shares of Citigroup, Bank of America, Goldman Sachs and JPMorgan rose about 0.8 percent in premarket trading, after the Fed cleared the path for them to increase shareholder payouts after its annual stress test.
Morgan Stanley gained the least after its capital planning process received some criticism.
ConAgra and Darden Restaurants(DRI) fell more than 3 percent after reporting lower-than-expected quarterly sales. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Saumyadeb Chakrabarty)
(c) Copyright Thomson Reuters 2016. Click For Restrictions - about.reuters.com/fulllegal.asp
Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
Yeats
