* Worries rise that stimulus package could be held up
* Ford stock rises after quarterly results
* Initial jobless claims on tap
* S&P 500 futures off 6.70 points, Dow futures off 52
points, Nasdaq futures off 4.75 points
* For up-to-the-minute market news, click []
By Leah Schnurr
NEW YORK, Jan 29 (Reuters) - U.S. stock index futures fell
on Thursday, pressured by a weak earnings season and worries
that the $825 billion economic stimulus package could still
face a bumpy road.
Shares of widely held Dow component Exxon Mobil <XOM.N>
were down 2.1 percent at $77.55 before the opening bell after
Goldman Sachs removed the company from its Americas Buy list,
saying it saw better investment opportunities among energy
companies.
The U.S. House of Representatives passed President Barack
Obama's stimulus package late on Wednesday but despite the new
president's goal of bipartisanship, every Republican who voted
opposed the bill. The Senate begins debate next week. For more
see [].
"It's clear the Republicans don't want to play ball with
the Democrats, they want to do it their way," said Paul
Mendelsohn, chief investment strategist at Windham Financial
Services in Charlotte, Vermont.
"Any slowdown in the stimulus package is not going to be
good. The market wants to see this passed, done, signed, in the
bank and let's move on to the next problem.
Investors were also watching for initial weekly jobless
claims, due at 8.30 a.m. (1330 GMT). Worries over mounting job
losses have been in the forefront this week as more companies
have announced massive cuts as they attempt to stay afloat.
S&P 500 futures <SPc1> fell 9.20 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> were down
79 points, and Nasdaq 100 <NDc1> futures lost 4.75 points.
A gain in Ford Motor Co <F.N> helped futures trim losses
after the ailing automaker posted a loss but saw a lower cash
burn rate than expected and reaffirmed it plans to go ahead
without government loans. Ford was up 6.9 percent at $2.17.
Starbucks Corp <SBUX.O> was the latest company to say it
will slash jobs when it reported lower quarterly profit after
the bell on Wednesday as sales fell globally. [].
The coffee chain's shares were down 3.6 percent at $9.30.
Stocks rose on Wednesday as financial stocks soared on
optimism the Obama administration was making progress on a plan
to relieve banks of money-losing assets.
The Wall Street Journal reported on Thursday that
government officials looking to revamp the financial bailout
have discussed spending another $1 trillion to $2 trillion.
[].
With Wednesday's advance, the benchmark S&P 500 capped its
fourth straight day of gains, its longest run-up in two months.
Year to date, the benchmark S&P 500 is down 3.2 percent, a
marked improvement from a 6.4 percent loss seen at Tuesday's
close. After starting 2009 up more than 20 percent from its
Nov. 21 bear market low, the S&P is up 16.2 percent from that
significant low.
(Editing by James Dalgleish)
