U.S. stock futures slid on Thursday, pointing to a slightly lower market open, with Wall Street looking poised for a pull-back, while China's interest rate hike added concerns that global economic growth may slow. Earnings news was mixed. low-cost carrier JetBlue Airways Corp. said third-quarter earnings fell 71 percent as it struggled with skyrocketing fuel prices and tough competition. Dow Chemical Co.'s third-quarter profit surged 86 percent while Verizon Communications Inc. , the largest U.S. telecommunications company, reported third-quarter earnings virtually unchanged from the year before. S&P 500 futures were down 4 points, below fair value accounting for interest rates, dividends and time to expiration on the contract.
Dow Jones industrial index futures lost 32 points, while Nasdaq 100 futures fell 7 points. U.S. stock futures were higher early on, but fell after China's central bank said it was raising interest rates for the first time in nine years. China's booming economy has fueled heavy demand globally for raw materials and has been a big driver in the recent surge in prices for commodities ranging from oil to base metals. "There are fears of slower growth in China, but I don't view the interest rate hike as a negative," said Anthony Chan, managing director and senior economist for JPMorgan Fleming Asset Management. "We've had the biggest two-day rally we've seen in quite some time, so I think we're due for a little bit of a correction," Chan said. "There is also concern that the drop in oil prices may not be permanent." Oil extended its retreat, taking two-day losses to 6 percent after an unexpectedly large rise in U.S. crude inventories spurred speculative funds to take profits out of record high prices. U.S. light crude futures fell 79 cents to $51.67 a barrel in early European trading. Prices hit a record high $55.67 three days ago. U.S. stocks rallied on Wednesday with the Dow back above 10,000 after oil prices fell almost 5 percent, alleviating worry that high energy costs will eat into corporate profits and consumers' wallets. U.S. jobless claims for the latest week are due at 8:30 a.m. (1230 GMT), with economists expecting a rise to 338,000.///