Awaiting Greenspan

[notiCIas]

Awaiting Greenspan

Futures indicate mixed stock start ahead of testimony, economic, retail sales reports.

November 3, 2005: 6:24 AM EST

NEW YORK (CNN/Money) - Alan Greenspan and the economy will likely dictate Thursday's early course of action on Wall Street as investors await the outgoing Fed chairman's appearance before Congress as well as a heavy dose of economic updates.

U.S. stock futures pointed to a mixed open for stocks.

Greenspan testifies before the Joint Economic Committee beginning at 10 a.m. ET. The Federal Reserve raised rates to 4 percent on Tuesday and suggested more rate hikes could follow.

There's also a full docket of economic reports for investors to digest Thursday morning.

At 8:30 a.m. ET, the Labor Department will report weekly initial claims for unemployment benefits. Economists expect the number to have increased to 330,000 for the week ended Oct. 29 from 328,000 the prior week, according to Briefing.com.

At 10 a.m. ET, the Commerce Department is expected to release data on September factory orders. Economists forecast a 1 percent decline for demand for durable goods compared to a 2.5 percent gain in the prior month.

Also on tap for Thursday are the Institute for Supply Management's services index reading for October and retail comparable sales numbers for October.

Major markets in Asia closed higher Thursday, while major European markets also advanced in early trading.

Oil prices were higher early Thursday, climbing above the $60 benchmark. U.S. crude gained 60 cents to $60.35 a barrel in electronic trading, while Brent crude trading in London rose 42 cents to $58.80 a barrel.

Treasury prices were little changed, with the yield on the 10-year note holding at 4.60 percent. The dollar was weaker against the euro but rose versus the yen.