* FedEx results miss estimates
* Jobs, housing data on tap
* Indexes up: S&P 0.5 pts, Dow up 6 pts, Nasdaq up 4.75
* For up-to-the-minute market news see []
(Updates with FedEx results, adds quote)
By Angela Moon
NEW YORK, Dec 16 (Reuters) - U.S. stock index futures
turned flat on Thursday, giving up some gains after economic
bellwether FedEx reported quarterly results that missed
expectations.
FedEx Corp <FDX.N> said second-quarter profit fell from a
year and missed Wall Street expectations and raised its fiscal
2011 forecast. FedEx fell 2.1 percent to $90.43 in premarket
trade. For details, see []
Investors are awaiting jobs and housing data for further
signs of improvement in the economy. Weekly U.S. jobless claims
figures are due at 8:30 a.m. EST (1330 GMT), with investors
looking for further signs of the labor market's health.
Economists in a Reuters survey expected a reading of 420,000
for initial claims, down from 421,000 in prior week.
U.S. housing starts data will also come at 8:30 a.m.
Economists look for overall construction up at 550,000 in
November versus 519,000 in October.
S&P 500 futures <SPc2> rose 0.5 point and were in line with
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 <DJc2> added 6
points, while Nasdaq 100 futures <NDc2> added 4.75 points.
U.S. stocks suffered a third straight late-day selloff on
Wednesday, suggesting it may be difficult to chalk up further
gains as the year comes to a close. The Dow hit a a fresh
52-week high intraday at 11,519.04 but closed at 11,457.47.
"Technically, the Dow enters today trading above potential
short-term support at the 11,450 level, while resistance at the
11,500 level is still a major barrier to a continued rally.
Look for the 11,350 level to provide a backstop if this
morning's economic reports go south," said Joseph Hargett,
analyst at Schaeffer's Investment Research in Cincinnati,
Ohio.
Investors will also keep an eye on developments in the euro
zone, as European Union leaders meet Thursday to try to agree
on the next steps in tackling a debt crisis that threatens to
spread to Portugal and Spain after consuming Greece and
Ireland. []
European stocks failed to hold earlier gains and turned
flat on concerns about the debt crisis. A day after Moody's
warned it may cut Spain's credit rating, the country had to pay
a high premium at its final bond auction of the year in a key
test of investor appetite for euro zone debt. []
BP Plc <BP.N> is expected to be in focus after the Obama
administration sued the oil major and its partners over the
worst offshore oil spill in U.S. history. []
U.S-listed shares of BP rose 0.2 percent to $43.96.
A deal that U.S. President Barack Obama struck with
Republicans to extend tax cuts for nearly every working
American and spur job growth moves to the U.S. House of
Representatives for passage as early as Thursday.
[]
(Reporting by Angela Moon; editing by)
