12 May 2005, 15:58  Stocks flat

U.S. stock futures were little changed on Thursday, as a fall in oil prices below $50 a barrel were offset by as Wal-Mart Stores Inc. forecasting earnings for the current quarter that were below Wall Street expectations. The world's biggest retailer said its second-quarter would "remain challenging" as it forecast earnings for the current quarter that were below Wall Street expectations, and said it would be difficult to reach its full-year target. S&P 500 futures (SPM5) were down 0.10 points, trading about even with fair value, Dow Jones industrial average futures (DJM5) were down 1 points, while Nasdaq 100 (NDM5) were flat. "It appears that the market had a knee-jerk reaction to the Wal Mart numbers and that seemed to have removed any slight euphoria in regards to the lower oil prices," Bakhos said. Investors were also awaiting April retail sales data, due out at 8:30 a.m. EDT, for clues on whether higher energy costs have crimped consumers and slowed the U.S. economic engine. Oil dropped below the $50 threshold as a strengthening U.S. dollar extended a heavy fall driven by rising U.S. crude stocks and signs of slowing global demand growth. U.S. crude (CLc1) fell 65 cents to $49.80 a barrel.

© 1999-2024 Forex EuroClub
All rights reserved