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| Stock futures erase gains on labor cost data | | By: Reuters | | Thu May 4, 2006 8:45 AM ET
(Pic)- A worker checks the pipeline at an oil refinery in Lanzhou, capital of the Gansu province April 19, 2006. Stock futures rose on Thursday, boosted by falling oil prices and strength in corporate earnings as diversified manufacturer Tyco International Ltd. reported higher-than-expected profit. REUTERS/Stringer
NEW YORK (Reuters) - U.S. stock index futures erased most gains on Thursday after government data showed a stronger-than-expected rise in unit labor costs in the first quarter, raising concern about inflation and the potential for the Federal Reserve to extend its campaign of interest rate increases.
Standard & Poor's 500 futures were down 0.4 percent, slightly above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
Dow Jones industrial average futures were up 1.25 points, and Nasdaq 100 futures were up 1 point.
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