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The benchmark index has fallen for three
straight sessions since closing at a record high of 2,003.37 a
week ago. Both the Dow Industrials and S&P 500 managed to touch
fresh intraday highs on Thursday, before weakness in energy
shares caused major indexes to retreat.
Investors were looking ahead to the August jobs report, due at
8:30 a.m. EDT (1230 GMT), to assess the economy's strength and
possible timing of an interest rate hike by the Federal Reserve.
Estimates call for nonfarm payrolls to rise to 225,000 and the
unemployment rate to fall to 6.1 percent. A reading above
200,000 would mark the seventh straight month at such a pace, a
streak not seen since 1997.
S&P 500 e-mini futures were down 6.75 points and fair value - a
formula that evaluates pricing by taking into account interest
rates, dividends and time to expiration on the contract -
indicated a lower open. Dow Jones industrial average e-mini
futures fell 53 points and Nasdaq 100 e-mini futures lost 6
points.
Michael Kors shares lost 4.4 percent to $76.49 before the
opening bell. The company announced a 11.6 million share
secondary offering on behalf of one of its principal founding
shareholders, which will result in the resignation of two board
members.
Gap Inc shares lost 5.9 percent to $43.85 in premarket after the
retailer posted worse-than-expected August same-store-sales.
U.S.-listed shares of Prana Biotechnology surged 21 percent to
$2.59 in premarket trade after the company said it received an
orphan drug designation for its Huntington Disease treatment.
European stocks fell as traders cashed in on recent gains,
fueled by fresh monetary stimulus in Europe, and awaited U.S.
jobs data.
In Asia, Japan's Topix stalled just shy of its January high,
while Chinese stocks extended a rally, with the CSI300 climbing
to its highest in over eight months.
(Editing by Bernadette Baum)
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