Stock futures little changed before data

By MADLEN READ
AP Business Writer

NEW YORK --

U.S. stocks pointed toward a flat open Thursday as Wall Street awaited some key readings on the economy: durable goods orders, jobless claims and new home sales.

The market is anticipating the three reports to show that despite a continually weakening housing market, employment and business spending are holding up.

At 8:30 a.m. EDT, the Labor Department is expected to report that claims for unemployment benefits dipped last week compared to the previous week, while the Commerce Department is anticipated to reveal an uptick in September orders for big-ticket items.

Then at 10 a.m. EDT, the market predicts the Commerce Department will say sales of new homes in September fell compared to August.

Dow futures rose 5, or 0.03 percent, to 13,711. Standard & Poor's 500 index futures fell 0.90, or 0.06 percent, to 1,521.00. Nasdaq 100 index futures rose 4.75, or 0.22 percent, to 2,207.75.

On Wednesday, stocks finished lower due to steep credit-related losses at Merrill Lynch & Co. and falling sales of existing homes, but pared much sharper losses on renewed hope of an interest rate cut.

In earnings news, Pulte Homes Inc. said late Wednesday it swung to a wide third-quarter loss, hurt by a hefty impairment charge as the homebuilder's land lost value. But revenue was higher than analysts expected, and shares rose in after-market trading Wednesday.

Crude oil futures for December delivery rose $1.42 to $88.52 a barrel in pre-opening trading on the New York Mercantile Exchange.

The dollar fell against most other major currencies, except the yen. Gold rose.

Stock markets overseas were mostly higher.

In Asian trading, Japan's Nikkei stock average fell 0.45 percent, but Hong Kong's Hang Seng index rose 0.78 percent. In European trading, Britain's FTSE 100 rose 1.04 percent, Germany's DAX index rose 1.07 percent, and France's CAC-40 rose 1.01 percent.