U.S. stock futures pointed to a downbeat start Thursday, as pessimism surrounding the world economy weighed on markets.
S&P 500 futures fell 10.3 points to 1098.20 and Nasdaq 100 futures fell 14.5 points to 1786.00. Futures on the Dow Jones Industrial Average fell 72 points.
Sears Holdings lost money for the second consecutive quarter as customers spent elsewhere despite a series of early holiday season promotions designed to bring them back to the retailer’s brands. The owner of Sears and Kmart stores lost $127 million, or $1.09 per share, for the period ended Oct. 31. That compares with a loss of $146 million, or $1.16 per share, a year earlier. Sears Holdings Corp. (NASDAQ:SHLD, $75.77, -$0.55, -0.72%) rose 3.93 percent to $78.75 on Thursday morning pre-market trading session, while on Wednesday, shares of Sears Holdings fell 0.72 percent, and closed on $75.77.
Gap Inc. reports its results for the third quarter on Thursday afternoon. The following is a summary of key developments and analyst opinion related to the period. The Gap Inc. (NYSE:GPS, $22.30, -$0.01, -0.04%) jumped 1.75 percent to $22.69 on Thursday morning pre-market trading session, while on Wednesday, The Gap Inc. shares dropped 0.04 percent and closed on $22.30.
Tech shares will be in the spotlight ahead of Dell (DELL) results and after Sony Corp said it aims to earn a 5 percent operating profit margin in three years by turning its struggling LCD TV and game operations profitable next year and launching 3D TVs and lithium-ion batteries for electric vehicles. Dell Inc. (NASDAQ:DELL, $43.38, +$0.22, 0.51%) fell 1.00 percent to $15.90 on Thursday morning pre-market trading session, while on Wednesday, shares of Dell rose 0.69 percent and closed on $16.06.
A group of House Democrats are stepping up demands for greater transparency from the Federal Reserve after reports that the Fed mishandled the bailout of insurance giant American International Group Inc. American International Group, Inc. (NYSE:AIG, $36.16, +$0.06, 0.17%) dropped 0.17 percent to $36.10 on Thursday morning pre-market trading session, while on Wednesday, AIG shares jumped 0.17 percent and closed on $36.16.
A Superior Court jury in Stamford sided with the Auto Body Association of Connecticut in a class-action lawsuit that accused Hartford Fire Insurance Co., part of property casualty giant The Hartford Financial Services Group, of unfair trade practices that led to artificially low labor rates in damage appraisals. Hartford Financial Services (NYSE:HIG, $25.97, +$0.60, 2.36%) fell 1.23 percent to $25.65 on Thursday morning pre-market trading session, while on Wednesday, shares of HIG rose 2.36 percent and closed on $25.97.
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