US stock-index futures little changed while Apple slips

Bloomberg

U.S. index futures were little changed, after equities saw the biggest gain in three weeks, while investors awaited jobs data due this week for further clues on the path of Federal Reserve policy.
Apple Inc. slipped 0.9 percent in early New York trading after being ordered to repay 13 billion euros ($14.5 billion) plus interest as the European Commission said Ireland illegally slashed the iPhone maker’s tax bill. Hershey Co. tumbled 11 percent as Mondelez International Inc. walked away from takeover discussions after its $23 billion bid was rejected by the chocolate maker. Mondelez gained 3.6 percent.
Contracts on the S&P 500 Index expiring in September fell less than 0.1 percent to 2,178.5 at 9:03 a.m. in New York, after the underlying gauge halted its longest losing streak since June. Contracts on the Dow Jones Industrial Average slipped 4 points to 18,485, while those on the Nasdaq 100 Index dropped 0.2 percent.
“It will be up a bit, down a bit until we get nonfarm payrolls on Friday,” said Daniel Murray, head of research at EFG Asset Management in London. “The market will very much look to nonfarm payrolls for guidance, to strength in the economy and Fed actions. But the trend looks quite strong. Everything is pointing to continued robustness in the U.S. labour market.”
Investors are now turning their focus to the monthly employment data, with a private report due on Wednesday and the Labor Department figures on Friday. Traders have pushed forward their bets for a rise in borrowing costs, though December remains the first month with a more than 50 percent chance of a move. A reading on consumer confidence will be released later today.
A report Monday showing an increase in consumer spending added to the bullish case on the economy after the positive assessment by Fed Chair Janet Yellen on Friday. Vice Chairman Stanley Fischer said in a Bloomberg Television interview with Tom Keene on Monday that incoming economic data will determine the trajectory of interest-rate increases.
The S&P 500 has struggled to make further headway after reaching a fresh record on Aug. 15, amid a spate of mixed economic data and as remarks from policy makers spurred increased speculation over the timing of the next Fed rate move.
The index is up 0.3 percent in August, on pace for its longest monthly winning streak in three years.
Among other stocks moving on corporate news, United Continental Holdings Inc. climbed 4.7 percent after hiring Scott Kirby from American Airlines Group Inc. to oversee day-to-day functions as the company’s new president. Shoe retailer DSW Inc. added 1.4 percent after its quarterly profit and sales beat analysts’ estimates.
Abercrombie & Fitch Co. dropped 13 percent as second-quarter results missed predictions, hurt by declining sales at its larger flagship locations. G-III Apparel Inc. tumbled 20 percent after its quarterly results missed forecasts and a full-year
profit outlook that also trailed
estimates.