Wall Street Seen Kicking Off '14 in the Red

By MarketsFOXBusiness

FOX Business: Capitalism Lives Here

U.S. stock-index futures pointed to a lower open in the first trading day of 2014 as traders parsed through the latest data on the labor market.

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Today's Markets

As of 8:35 a.m. ET, Dow Jones Industrial Average futures fell 31 points, or 0.18%, to 16465, S&P 500 futures dipped 2.8 points, or 0.16%, to 1838 and Nasdaq 100 futures slumped 9.3 points, or 0.27%, to 3574.

Wall Street closed out 2013 on a high note. The S&P 500 tacked on nearly 30% last year, ending at a record high. Many investment banks are expecting more gains this year as the economy continues improving and the Federal Reserve keeps its foot squarely on the economic accelerator.

There are several reports on the economic calendar on the day. At 8:30 a.m. ET, traders will get a reading on weekly jobless claims.

The number of Americans filing for initial jobless claims fell to 339,000 last week from an upwardly revised 341,000 the week prior. Wall Street expected claims to rise to 339,000 from an initially reported 338,000, according to data from FactSet.

Later, at 10:00 a.m. ET, the Institute for Supply Management provides its reading on the U.S. factory sector. The gauge is expected to have edged lower to 57 in December from 57.3 the month before.

In corporate news, Fiat said it will buy the remainder of Chrysler from a United Auto Workers trust for $4.35 billion. The move sent Fiat shares zooming higher in Italy. SAC Capital's Steve Cohen revealed a 5% stake in funky footwear maker Crocs (NASDAQ:CROX).

Energy futures were generally lower. U.S. crude oil dipped 77 cents, or 0.78%, to $97.65 a barrel. Wholesale New York Harbor gasoline fell 0.07% to $2.786 a gallon. Gold rallied $15.80, or 1.3%, to $1,218 a troy ounce.

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