* Weekly jobless claims on tap
* China equities rise 4.8 percent overnight
* Costco August sales better than expected
* Futures up: Dow 65 pts, S&P 500 7.9 pts, Nasdaq 12 pts
* For up-to-the-minute market news, click STXNEWS/US
(Updates with Costco sales data)
By Edward Krudy
NEW YORK, Sept 3 (Reuters) - U.S. stock index futures rose
on Thursday, ready to snap a four-day losing streak as
retailers posted better-than-expected August sales and as
investors wait for weekly jobless claims data.
U.S. retailers' monthly sales showed some signs that the
economic downturn was easing, but a late U.S. Labor Day holiday
and muted consumer enthusiasm weighed on results in the key
back-to-school season.
Chinese stocks <> rose almost 5 percent overnight
after a top regulator told investors that the country's market
was healthy. Equities in China had fallen steeply in recent
days, rattling investors around the world. [].
European shares edged higher.
The U.S. Labor Department's jobless claims data comes one
day before key monthly payroll figures and after data showed
Wednesday the private-sector lost more jobs in August than
expected. The raft of labor market data this week comes as
investors look for signs a 50-percent run-up in the S&P 500 was
justified.
"There is a lot of interest in how back-to-school shopping
develops," said Rick Meckler, president of investment firm
LibertyView Capital Management in Jersey City, New Jersey.
"It's a prelude to what the holiday season might look like and
to see whether the consumer's holding back on spending is
finally beginning to end,"
Costco Wholesale Corp <COST.O> said monthly same-store
sales fell 2 percent in August; analysts had expected a fall of
5.7 percent.
S&P 500 futures <SPc1> rose 7.90 points and were above 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> gained 65
points, and Nasdaq 100 futures <NDc1> added 12.00 points.
LibertyView's Meckler said low trading volumes ahead of the
Labor Day holiday had increased volatility, and he forecast
increased volumes next week to smooth the market.
U.S. crude oil futures <CLc1> rose 1.5 percent to above $69
a barrel, gaining ground a day after data showed U.S. gasoline
stocks fell sharply, boosting expectations that demand will be
revived in the United States. Metal prices rose across the
board.
Weekly initial jobless figures are due at 8:30 a.m. (1230
GMT), with economists looking for claims to fall to 560,000
from 570,000 a week ago. The Institute for Supply Management's
non-manufacturing data for August is set for 10:00 a.m. (1400
GMT), with a reading of 48.0 expected from a survey of
economists by Reuters.
Economists polled by Reuters look for a loss of 225,000
jobs in Friday's nonfarm payrolls report for August.
(Reporting by Edward Krudy; Editing by Padraic Cassidy)
