09:45AM Wall Street opened lower, weighed down by credit markets concerns and rising oil.

Wall Street opened steeply in the red, dragged down by continuous worries in credit markets and the housing sector, as well as surging oil prices. The Commerce Department said that sales of new homes dropped 6.6% in June to a seasonally adjusted annual rate of 834,000 units, the largest percentage drop since January.

In addition, weak results posted by homebuilders added built onconcerns. D.R.Horton (DHI) swung to a Q3 loss of $2.62 a share, from net income of 93 cents a share a year ago. The stock dropped 4.5%. O

Further on the earnings news front, oil giant Exxon Mobil Corp. (XOM) posted Thursday an unexpected drop in Q2 profit, hurt by lower natural gas prices. However, the company released net income of $10.26 billion, the fourth-largest quarterly profit ever recorded by a publicly traded U.S. company. On a per-share basis, Exxon Mobil earned $1.83 a share, up from $1.72 from a year ago, missing forecast of $1.96 a share. Company’s revenue fell to $98.35 billion from $99.03 billion a year ago but topped estimates of 97.6 billion. Exxon Mobil shares slipped 2.5%.

In morning trading, the Dow Jones industrial average fell 67.71, or 0.49%, to 13,717.36. The Standard & Poor's 500 index was down 12.49, or 0.82%, at 1,505.60 and the Nasdaq composite index tumbled 15.73, or 0.59%, to 2,632.44.


9:00AM U.S. stock futures pointed steeply down, dragged by surging oil.

U.S. stock futures pointed steeply lower Thursday, reflecting continued concerns about the corporate and mortgage lending markets and rising oil prices. Beazer Homes USA (BZH) and D.R. Horton (DHI) will be in the spotlight. Light sweet crude jumped as high as $76.99 a barrel in electronic trading on strong demand from refiners. Stronger-than-expected results from Apple and Ford failed to offset the decline.

Apple (APPL) shares climbed 7.1% in pre-open trade after the company reported a 73% profit rise on sales of Macintosh computers. Ford (F) rose 1.3% after posting the first profitable quarter in two years. Market also awaited key economic data on June home sales figures.

Further on the earnings news front, office products retailer Office Depot (ODP) posted 8% profit drop in Q2, due to weak sales in North America. Net income fell to 40 cents per share, from 41 cents per share a year ago, while sales rose to $3.63 billion from $3.49 billion a year earlier. Excluding charges, the company earned 43 cents per share, meeting the average analyst estimate.

Among other pre-market highlights, ExxonMobil (XOM) reported an unexpected decline in Q2 profit. Dow Chemical (DOW) posted 2% profit rise, slightly better-than-expected. Both insurers Aetna (AET) and Travelers (TRV) raised their earnings guidance.

In economic news, the Commerce Department said that durable goods increased less-than-expected 1.4%. According to another report, initial jobless claims unexpectedly inched lower in the latest week. The number of initial claims in the week ending July 21 fell 2,000 to 301,000. S&P 500 futures dropped 15.9 points at 1,508.60 and Nasdaq 100 futures dropped 16.25 points at 2,010.25. Dow industrial futures declined 106 points.


8:00AM Ford Motor posted its first profitable quarter in two years.

Ford Motor (F) exceeded analyst expectations by posting its first profitable quarter in two years. The auto maker reported Q2 earnings of $750 million, or 31 cents per share, compared with a net loss of $317 million, or 17 cents per share last year, beating estimates of a loss of 35 cents. Ford said revenue rose 5.5% to $44.2 billion for the quarter. Ford attributed the positive results to significant improvements in its automotive operations, as well as cost reductions and special items. The company also confirmed it is exploring the sale of its Jaguar and Land Rover subsidiaries. Ford gained 3% in premarket trading.


7:30AM New York, 5:00PM Mumbai – Sensex in India climbs on earnings from Maruti and drug settlement for Ranbaxy.

Sensex gained 56.63 to close at 15,755.95 on sharp rise in earnings from Bharti Airlte, fall in cement stocks, and firmness in IT stocks.

The daily turnover on BSE rebounded to 5,719 crore rupees from 4,276 crore rupees on 18 of the 30 Sensex stock gaining and 12 stocks declining.

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