US stocks head for moderately lower open ahead of economic figures
NEW YORK -- U.S. stocks headed for a moderately lower open Thursday as investors awaited figures on home sales and monthly sales reports from retailers.
The figures, along with weekly numbers on unemployment claims, could help investors get a better sense of where the economy stands. While much of the week's attention has focused on the government's February employment report due Friday, Wall Street remains interested in comments from retailers on the health of consumer demand.
Investors are also awaiting decisions on interest rates expected Thursday morning from the European Central Bank and the Bank of England.
Wall Street's indecision about whether the economy will suffer from recession has made for volatile trading and left investors seemingly more hungry than usual for data on how businesses and consumers are faring. Investors will likely examine speeches expected Thursday from presidents of the Boston and New York Federal Reserve branches. Treasury Secretary Henry Paulson is also expected to take questions on the economy at an event in California.
Figures on pending home sales are due shortly after the opening bell. While Wall Street is acutely aware of the housing market's continued troubles, investors are eager for any signals that the market could be on the mend.
Dow Jones industrial average futures fell 33, or 0.27 percent, to 12,243. Standard & Poor's 500 index futures fell 5.30, or 0.40 percent, to 1,330.30. Nasdaq 100 index futures declined 6.25, or 0.36 percent, to 1,753.25.
Futures didn't appear weighed down by reports of minor damage from an explosive device near a military recruiting station in New York's Times Square. Police said no one was injured from the overnight explosion.
Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.65 percent from 3.69 percent late Wednesday.
The dollar fell against other major currencies, while gold prices rose, nearing $1,000 an ounce.
Overseas, Japan's Nikkei stock average closed up 1.88 percent. In morning trading, Britain's FTSE 100 fell 0.38 percent, Germany's DAX index slipped 0.31 percent, and France's CAC-40 fell 0.36 percent.