* AIG weighs on financials after big loss
* Wal-Mart adds to caution as sales miss estimates
* Jobless claims suggest labor market weakness
* Pending home sales on tap.
(Updates prices)
By Ellis Mnyandu
NEW YORK, Aug 7 (Reuters) - U.S. stocks headed for a lower
open on Thursday as investors fretted about the health of the
U.S. economy and fallout from the credit crisis after insurer
American International Group Inc <AIG.N> posted a big quarterly
loss.
Adding to investor unease following two days of market
gains were signs pointing to further deterioration in consumer
spending after Wal-Mart Stores Inc <WMT.N> posted a shortfall
in July same-store sales.
A government report showing a jump in the number of people
filing for jobless benefits in the latest week provided another
headwind. Rebounding oil prices, back above $120 a barrel, also
looked set to dampen sentiment.
Shares of AIG, the world's largest insurance company, fell
13 percent before the bell, while Wal-Mart, the world's largest
retailer, shed nearly 4 percent. Both are Dow components.
"Clearly the economy is still weak. Some of the stimulus
from the tax rebates is (ebbing)," said Subodh Kumar, chief
investment strategist at Subodh Kumar & Associates in Toronto,
Canada.
"The big retailers had been the ones holding the economy
up, but results are showing that macroeconomic factors are
affecting them also. And the write-downs, such as those at AIG,
continue to be disappointing and will weigh on financials and
stocks more broadly."
S&P 500 futures <SPc1> fell 9.70 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> shed 99 points
and Nasdaq 100 <NDc1> futures declined 13.25 points.
The number of U.S. workers filing new claims for jobless
benefits rose last week to the highest level in more than six
years, government data showed, but special factors distorted
the data again. Claims data have been affected by a federal
program to extend unemployment benefits. For details, see
[].
AIG said late on Wednesday it lost $5.36 billion, its third
straight quarterly loss. Its shares fell to $25.34.
Wal-Mart reported a 3 percent rise in July sales at U.S.
stores open at least a year, but that missed Wall Street
estimates, and the company issued a cautious forecast for
August. []. Its shares declined to $58.50.
Data on pending home sales is due at 10 a.m. (1400 GMT)
(Additional reporting by Steven Johnson; Editing by Kenneth
Barry)
