* Initial jobless claims on tap
* US retailers post higher Dec sales
* Futures down: S&P 2.9 pts, Dow 29 pts, Nasdaq 5.75 pts
* For up-to-the-minute market news, click STXNEWS/US
(Adds quote, updates prices)
By Angela Moon
NEW YORK, Jan 7 (Reuters) - U.S. stock index futures dipped
on Thursday along with global markets, as investors awaited
data expected to show a rise in initial jobless claims, one day
before the closely watched monthly non-farm payrolls report.
The Labor Department will release weekly first-time claims
numbers for jobless benefits at 8:30 a.m. EST [].
Economists in a Reuters survey forecast 447,000 new filings,
compared with 432,000 in the prior week.
On Friday, the government will release the monthly non-farm
payrolls employment.
"We are seeing a very cautious mood going into the labor
report tomorrow and the interest rates decision next week ...
Today will likely be a repeat of the past couple of days, which
is that the market continues to struggle and consolidate some
of the strong moves we saw on the first day of the year," said
Peter Cardillo, chief market economist at Avalon Partners in
New York.
S&P 500 futures <SPc1> lost 2.9 points and were below fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> fell 29
points, and Nasdaq 100 futures <NDc1> dropped 4.25 points.
U.S. retailers including Sears Holdings Corp <SHLD.O> and
Costco Wholesale Corp <COST.O> posted higher sales for December
as cautious consumers did their holiday shopping with an eye
for bargains. []
Limited Brands Inc <LTD.N> rose 4.9 percent to $20
premarket after reporting December sales results and raising
its fourth-quarter earnings outlook. []
Bed Bath & Beyond Inc <BBBY.O> gained 8.4 percent at $42.52
premarket, a day after posting higher-than-expected quarterly
profit. [].
The International Council of Shopping Centers and Goldman
Sachs will released monthly data later Thursday. In the
previous month, sales fell 0.3 percent from a year ago.
St. Louis Fed President James Bullard said Thursday the
U.S. labor market is improving and the economy is close to the
point where unemployment will start to fall. For details, see
[]
February crude oil futures <CLc1> fell 1 percent to $82.37
a barrel as signs of tighter monetary policy in China sparked
concerns about demand, while the U.S. dollar <.DXY> gained 0.7
percent against a basket of major currencies. []
European stocks were down 0.5 percent Thursday in their
first broad retreat this year, while Japan's Nikkei average
<> closed down 0.5 percent. China's key stock <>
index fell nearly 2 percent. []
A former senior executive at Citigroup Inc <C.N> has
decided to take legal action to force the company to resume
paying his multimillion dollar severance package that has been
frozen for six months, the Financial Times reported.
[]
For non-farm payrolls on Friday, economists look for a loss
of 8,000 non-farm jobs after a surprisingly small total of
11,000 job losses in November. The unemployment rate is seen at
10.1 percent versus 10 percent in November.
(Reporting by Angela Moon; editing by Jeffrey Benkoe)
