(By Salman - iStockAnalyst Writer)US stock futures pointed to a weaker start on Friday after a government release showed jobless rate hit 10.2% in October.
At 8:31 am ET, the S&P 500 futures fell 3.10 points to 1060.10. The Dow Jones Industrial average futures declined 35 points to 9919. The Nasdaq Composite futures slipped 3.25 points to 1716.
A release by Department of Labor on Friday showed that U.S. employers slashed 192,000 net jobs in October. Economists were expecting a drop of 175,000 in non-farm payrolls. Unemployment rate increased to 10.2% in October. Economists expected jobless rate to rise to 9.9%.
AIG (NYSE:
AIG) posted its second straight profit in the third quarter, topping Wall Street estimates. Early on Friday, the company reported that it swung to a net income of $455 million, or 68 cents per share, compared to a loss of $24.5 billion or $181.02 per share, during the same quarter last year. Results included a one-time net charge of $1.5 billion for restructuring and hedging. On an adjusted basis, the company earned $1.9 billion in the quarter, or $2.85 per share. Revenue surged 189% to $26 billion.
Late on Thursday, Starbucks Corp. (NASDAQ:
SBUX), the world's largest coffee-shop operator, said that its fourth quarter net income climbed to $150 million, or 20 cents a share, from $5.4 million, or 1 cent, in the comparable quarter last year. Revenue dropped to $2.42 billion.
Meanwhile mortgage finance firm Fannie Mae has asked for another $15 billion in federal aid after posting loss in the latest quarter. Fannie Mae reported a net loss of $18.9 billion in the third quarter ended Sept. 30, compared with a $14.8-billion loss in the second quarter and a $29.4-billion loss in the third quarter last year.
On the front of economic data, consumer credit data is due for release at 14:00 pm ET.
US stocks rallied on Thursday as upbeat economic data and better-than-expected revenue forecast from Cisco bolstered investor confidence.
European stocks advanced in afternoon trade. At 13:04 pm London time, the UK FTSE gained 10.30 points or 0.20% to 5,135.94. The German DAX and French CAC increased 0.11% and 0.04% respectively.
Asian stocks finished up. The Nikkei 225 rose 71.91 points or 0.74% to 9,789.35. The Hang Seng index of Hong Kong jumped 350.64 points or 1.63% to 21,829.72.
NYMEX crude oil for December delivery declined as much as 11 cents to $79.51 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
