--Stock futures slip ahead of key Fed policy statement
--Europe pulls back from highs; Italian bond auction sees solid
demand
--Fed statement seen announcing some new stimulus measures;
Bernanke presser to follow
--Data on weekly jobless claims, wholesale inflation also on
tap
By Tomi Kilgore
NEW YORK--U.S. stock futures leaned to the downside ahead of the
Federal Reserve's highly-anticipated policy statement with
investors taking a breather following the market's recent run to
multi-year highs.
About 90 minutes ahead of the open, Dow Jones Industrial Average
futures ticked down 20 points, or 0.1%, to 13341. The Dow rose 10
points, or 0.1%, Wednesday to post its fourth multi-year high close
in five sessions.
Standard & Poor's 500-stock index futures gave up two
points, or 0.1%, to 1437 and Nasdaq 100 futures eased five points,
or 0.2%, to 2791. Changes in stock futures don't always accurately
predict stock moves after the opening bell.
The economic calendar is full, starting with data on initial
claims for jobless benefits in the latest week at 8:30 a.m. EDT.
The median estimate of economists surveyed by Dow Jones Newswires
is for a slight increase to 370,000 from 365,000 in the previous
week. Also at 8:30 a.m., the Producer Price Index for August is
seen climbing 1% from July, while core PPI--excluding food and
energy--is expected to be up 0.1%.
But investors will be focused on the 12:30 p.m. release of the
Fed's statement on monetary policy. Expectations are high that the
Fed will announce some further stimulus measures, although the
extent of those measures is still widely debated. Fed Chairman Ben
Bernanke will follow with a press conference at 2 p.m. to discuss
any Fed action.
In the corporate arena, shares of Apple Inc. gained 0.7% in
premarket trading. On Wednesday, the stock erased losses to close
up 1.4% after the unveiling of its new iPhone 5.
European markets pulled back slightly from a yearly high ahead
of the Fed's policy meeting, with the Stoxx Europe 600 down 0.2%.
The Stoxx Europe 600 rose 0.1% to close at the highest level seen
since July 8, 2011 after a German court ruled in favor of the
euro-zone bailout fund.
The Organization of Economic Cooperation and Development's
leading economic indicator suggested most major economies will
continue to slow in the coming months.
On a positive note, an auction of Italian government bonds saw
solid demand, with yields falling well below those seen at the
previous auction of bonds of similar maturities.
Asian markets were mixed ahead of the Fed statement, with
Japan's Nikkei Stock Average gaining 0.4% and China's Shanghai
Composite falling 0.8%.
Crude oil futures edged up 0.2% to $97.25 a barrel, while gold
futures inched up less than 0.1% to $1,734 an ounce. The dollar
eased against both the euro and the yen.
In other corporate news, Pier 1 Imports Inc. gained 1.3% after
the home-furnishings retailer reported fiscal second-quarter
earnings and revenue that matched expectations, and lifted its
full-year earnings outlook.
Pluristem Therapeutics Inc. slumped 14% after the company
proposed the public sale of common stock to raise money to help
fund clinical trials and research and product development.
Genesee & Wyoming Inc. declined 3.9% after the railroad
company said it was selling up to 3.5 million shares of common
stock to the public.
Vical Inc. rallied 6.1% after the company said it was licensing
its DNA immunization technology to drug giant Bristol-Myers Squibb
Co. Shares of Bristol-Myers were still inactive ahead of the
open.
Write to Tomi Kilgore at tomi.kilgore@dowjones.com