Futures continue to indicate a lower start (S&P futures vs fair value: -11.7. Nasdaq futures vs fair value: -15.0. ) as the latest jobless claims reading raises concerns about the labor market. The NY Post reports that Lehman Brothers (LEH) CEO Dick Fuld is in "scramble mode" to try and raise capital to ensure the company does not get split up. LEH is down 3% in premarket trading. Treasuries are seeing some buying interest, with the 10-year note up 19 ticks, sending its yield down to 3.99%.
Stocks rose Wednesday as oil prices slid to a fresh three-month low. Tech shares led the advance as investors cheered solid quarterly results from Cisco.
AIG: But after the market close Wednesday, AIG posted a more than $5 billion loss for the second quarter as the insurance giant was stung by the turmoil in the credit markets and downturn in the housing market.
Retail sales: Investors also digested a flurry of monthly sales reports from retailers. Overall, same-store sales are expected to rise 2.3% in July, compared to a 2.9% gain during the year-ago period, according to Thomson Reuters.
Oil: Oil prices rebounded after sliding for the past four weeks. U.S. crude for September delivery rose $2.06 to $120.64 a barrel in electronic trading.