Aug. 7 Premarket Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Thursday, Aug. 7:
1. -- U.S. stock futures were rising Thursday ahead of a meeting of the European Central Bank while investors kept a wary eye on tensions between Russia and Ukraine.
Russia on Thursday banned most food imports from the West in retaliation for sanctions over Ukraine.
European stocks fell as investors digested weaker-than-expected German industrial production and another spate of corporate earnings.
Asian shares ended mixed.
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2. -- The economic calendar in the U.S. on Thursday includes weekly initial jobless claims at 8:30 a.m. EDT, and consumer credit for June at 3 p.m.
3. -- U.S. stocks on Wednesday settled near the flat line Wednesday, with the S&P 500 finishing above its 100-day moving average and fueling hopes of another near-term pop.
The broad-based index had been flirting with the widely watched 1910 support level all day after investors were faced with negative geopolitical and economic news and speculation of an earlier-than-expected interest rate hike from the Federal Reserve.
The Dow Jones Industrial Average rose 0.08% to 16,443.34. The S&P 500 finished flat at 1,920.24. The Nasdaq gained 0.05% to 4,355.05.
4. -- Bank of America
The bank has agreed to pay roughly $9 billion in cash to the federal government, states and other government entities, the people told the Journal, as part of an overall pact that could be completed this month. Additional money would be aimed at consumer relief, such as reducing mortgage balances for struggling homeowners.
If finalized, the agreement would set a record for fines and damages in a civil settlement between the U.S. government and a company, the Journal noted. It would top the $13 billion deal struck between the Justice Department and JPMorgan Chase
5. -- 21st Century Fox
Fox executives said the company wouldn't try to buy any other big content companies.
Chief Operating Officer Chase Carey said on a conference call with analysts that "we have no plans to pursue any other third-party content company as an alternative to Time Warner."
6. -- Google
Google hopes the move will prod Web site developers to adopt technology that protects against hackers breaking into their Web sites and stealing users' information, the Journal reported.
"We hope to see more websites using HTTPS in the future," Google said in a blog post. The move is among the latest steps Google has taken to make the Web more secure, efforts it has accelerated in the wake of disclosures about Internet snooping by the National Security Agency, according to the Journal.