Market Overview

US Stock Futures Seesaw After A Decline In June Jobless Rate

US stock futures seesawed between minor gains and losses today after the jobless rate for June fell. While futures on the Dow Jones Industrial Average dipped 29 points, those on the Standard & Poor's 500 fell 4 points. Meanwhile, Nasdaq Composite futures lost 4 points.

Data released early this morning depicted a month/month fall in jobless rate in June from 9.7% to 9.5%. Economists were expecting the rate to rise to 9.8%. However, nonfarm payrolls fell by 125,000 last month, as workers hired for the 2010 census lost their temporary jobs, according to the US Labor Department.

On the corporate front, the companies that are expected to hog the limelight are DemandTec Inc. (NASDAQ: DMAN), Wilshire Bancorp Inc (NASDAQ: WIBC) and Helix Energy Solutions Group Inc. (NYSE: HLX).

While WIBC has suspended its dividend, DMAN posted a wider loss for its fiscal first quarter.

HLX expects to reduce its estimates for its proven reserves, which could lead to roughly $160-$180 million in charges.

Rio Tinto (NYSE: RIO) and BHP Billiton (NYSE: BHP) are also making their presence felt in the market after the Australian government excluded all commodities, except iron ore and coal, from the new mining tax.

Read more from Benzinga's Markets.

Posted-In: US Stock FuturesNews Futures Pre-Market Outlook Intraday Update Markets

 

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