* Growth in euro zone manufacturing,services slows in Sept
* Jobless claims, existing home sales data on tap
* Futures down: S&P 7.6 pts, Dow 51 pts, Nasdaq 11.25 pts
* For up-to-the-minute market news see []
(Adds byline, analyst quote)
By Angela Moon
NEW YORK, Sept 23 (Reuters) - U.S. stock index futures
dipped on Thursday, pressured by weak economic data out of
Europe and on expectations that U.S. weekly jobless claims data
will show employment conditions are still under pressure.
Investors are closely watching initial jobless claims due
at 8:30 a.m. []. Analysts in a Reuters survey expect a
reading of 450,000, unchanged from the prior week, suggesting
job market conditions continue to be soft. Existing home sales
data for August is due at 10:00 a.m. []. Analysts
forecast home sales rose to 4.10 million units from 3.83
million in the previous month.
European stocks fell after data showed the pace of growth
in the euro zone's services and manufacturing sectors slowed
more than expected this month, rekindling worries about
economic recovery in the region.
"European sovereign debt issues are front and center again
today and are weighing on markets," said Peter Boockvar, equity
strategist at Miller Tabak + Co in New York.
S&P 500 futures <SPc1> fell 7.6 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> dropped
51 points, and Nasdaq 100 futures <NDc1> dipped 11.25 points.
Red Hat Inc <RHT.N> will be in focus after reporting on
Wednesday fiscal second-quarter profit that was lower but still
beat Wall Street forecasts, as sales of its software rose
sharply. The stock rose 4.8 percent to $38.50 in premarket
trade.
Bed Bath & Beyond <BBBY.O> will also be in the spotlight
after the company beat quarterly profit and sales estimates and
boosted its full-year view. The stock was up 4.6 percent at
$44.00 in premarket trade.
United Parcel Service Inc <UPS.N> will open its first Asian
healthcare supply chain facility in Singapore in 2011 as it
expands into the logistics business.
Starbucks Corp <SBUX.O> said it planned to charge more for
large-sized and labor-intensive drinks because of surging
prices for coffee and other commodities.
The timing of the U.S. Securities and Exchange Commission's
case against Goldman Sachs <GS.N> was "suspicious", a federal
watchdog said, suggesting the SEC used it to divert attention
from a report sharply criticizing its probe into accused Ponzi
schemer Allen Stanford.
Microsoft <MSFT.O> sold $4.75 billion in new debt on
Wednesday, some of it at the lowest U.S. corporate borrowing
rate on record, as the world's largest software company took
advantage of low interest rates to raise cash. The company's
shares slipped 0.3 percent to $24.53 in premarket trade.
U.S. stocks slipped on Wednesday, ending the Dow's five-day
winning streak, following Adobe's discouraging revenue outlook
and investor disappointment over Microsoft's new dividend.
(Reporting by Angela Moon, Editing by Theodore d'Afflisio)
