U.S. stock futures turned higher before the opening bell today after data showed a measure of labor costs decelerated sharply in the second quarter, suggesting the Federal Reserve could be patient with raising interest rates this year.
S&P 500 futures were last up 0.1 percent at 2,107 after being down ahead of the data, while those for the Dow Jones Industrial Average were flat at 17,687. Nasdaq 100 futures added 0.3 percent to 4,608.
DATA:
Investors are watching for a reading on July business conditions in the Chicago area that’s due at 9:45 a.m., as well as a figure for consumer sentiment that’s expected at 10 a.m.
The wages and benefits that companies, governments and nonprofit institutions pay their employees rose a record-low 0.2 percent in the second quarter, according to the employment cost index released by the Labor Department on Friday.
That was well below the 0.7 percent gain in the first quarter and came as a surprise to economists surveyed by MarketWatch, who had expected a 0.6 percent gain.
MOVERS:
Exxon Mobil (NYSE:XOM) fell 2.2 percent premarket after the world’s largest publicly traded oil company delivered quarterly earnings that fell short of analysts' expectations today, hurt by lower oil prices.
Chevron (NYSE:CVX) slumped 2 percent in premarket trade, after the oil giant reported a sharp decline in second-quarter profit and sales, hurt by lower crude prices and one-time charges.
Royal Caribbean Cruises (NYSE:RCL) jumped 6.6 percent in premarket trade, after the company reported stronger-than-expected second-quarter profit and raised its outlook for the full year.
Coca-Cola Enterprises (NYSE:CCE) jumped nearly 8.2 percent in premarket action for the S&P 500’s biggest gains following news it’s in merger talks with other Coke bottlers.
Expedia (NASDAQ:EXPE) rose 7.8 percent ahead of the bell after its quarterly earnings topped forecasts, while Hanesbrands fell almost 7 percent after quarterly revenue missed estimates.
LinkedIn (NYSE:LNKD) fell 8.6 percent in premarket trading after the operator of the biggest social networking site for professionals reported a bigger net loss.
FireEye (NASDAQ:FEYE) fell 5.4 percent after the cybersecurity company reported its slowest quarterly revenue growth since going public in 2013, and said its Chief Financial Officer will step down.
Electronic Arts (NASDAQ:EA) fell 2 percent after the video game publisher's forecast fell short of estimates.
COMMODITIES:
Gold edged into the positive territory. The December futures are up $1.10 to $1,089.80 per ounce.
Brent was down 70 cents at $52.61 a barrel after settling $0.07 lower in the previous session. U.S. light crude was down $0.87 at $47.65 a barrel.