Stock futures waver after jobs, inflation reports

NEW YORK (AP) — Stock futures wavered today after unemployment claims rose and inflation remained benign.

Currency and gold trading was again a dominant driver of global financial markets. Traders sent the dollar lower because of expectations the Federal Reserve will start buying government bonds to try to stimulate the sluggish economy. Buying bonds would drive down interest rates from already low levels. That makes gold and other currencies where interest rates are higher more attractive than the dollar.

Gold hit another record high, while the dollar fell to a 15-year low against the yen and touched its lowest level against the euro since January.

Stock futures retreated from their morning highs after the government said first-time claims for unemployment benefits rose last week for the first time in three weeks. Claims remain stuck at levels that signal employers are not ramping up hiring.

High unemployment remains a key obstacle to a stronger economy and any Fed action would be partially aimed at reviving job growth.

Low inflation is also a concern for the Fed. At its meeting last month, the Fed hinted that future bond purchases would help get inflation back to more historically normal levels. The lower interest rates are also aimed at sparking new borrowing and spending by companies and consumers. More spending would drive prices for goods higher.

The Producer Price Index, a measure of the cost of goods before they reach consumers, rose 0.1 percent last month excluding volatile energy and food costs.

Ahead of the opening bell, Dow Jones industrial average futures rose 8, or 0.1 percent, to 11,052. Standard & Poor’s 500 index futures rose 1.50, or 0.1 percent, to 1,175.80.

Nasdaq 100 index futures, an index dominated by technology stocks, rose 4.50, or 0.2 percent, to 2,060.50.

Technology stocks were getting a lift after a Wall Street Journal report indicated Yahoo Inc. might be a takeover target again. Yahoo shares jumped $1.96, or 12.9 percent, to $17.21 in pre-opening trading.