Wall Street down on dimmed Fed stimulus hopes, data

NEW YORK (Reuters) - Stocks fell on Thursday as expectations for swift stimulus action from the Federal Reserve faded and Chinese and euro zone data pointed to stalling global growth.

A 6.6 percent slump in Hewlett-Packard shares weighed on the technology sector, but the S&P 500 stayed above 1,400, holding on to most of its recent gains.

Minutes from the latest Federal Reserve meeting indicated the central bank might be ready for another round of stimulus, giving equities support on Wednesday.

However, St. Louis Fed President James Bullard, a non-voting member of Federal Open Market Committee, said on CNBC that U.S. data has been somewhat better since the latest Fed meeting and the minutes were "a bit stale."

The S&P 500 has risen more than 12 percent since June to a four-year high this week, so Thursday's decline was not seen as a major setback.

While Fed Chairman Ben Bernanke in the past has used an upcoming conference in Jackson Hole, Wyoming, to signal publicly the Fed's intentions, investors this time may be disappointed.

"With the S&P's near multi-year highs, commodity prices just shy of their highest level since early April and some better-than-expected economic data points since the last FOMC meeting, it's very possible that Bernanke will wait for the August payroll report before making a decision, thus making Jackson Hole a possible non-event," said Peter Boockvar, equity strategist at Miller Tabak & Co in New York.

The Dow Jones industrial average <.dji> was down 79.43 points, or 0.60 percent, at 13,093.33. The Standard & Poor's 500 Index <.spx> was down 6.52 points, or 0.46 percent, at 1,406.97. The Nasdaq Composite Index <.ixic> was down 11.09 points, or 0.36 percent, at 3,062.58.

World business surveys painted a picture of economic malaise from Beijing to Berlin.

The HSBC Flash China manufacturing purchasing managers index (PMI) - a preliminary reading that provides an early peek at data for August - fell this month to its lowest level since November.

A German business survey showed orders from abroad for the country's goods, a mainstay of its economic strength, fell at the fastest rate in more than three years.

The number of Americans filing new claims for jobless benefits unexpectedly rose last week while U.S. manufacturing improved only slightly in August, worrisome signs for an economy struggling to create enough jobs.

Sales of new single family homes rose in July, matching April's two-year high.

The reports could be interpreted as evidence the economy is not in need of further stimulus from the Fed.

A group of brokerages cut their price targets on Hewlett-Packard's stock after the No. 1 personal computer maker posted an $8.9 billion loss and cut its earnings outlook for the year, echoing concerns raised by rival Dell about faltering demand for PCs.

HP shares fell 6.7 percent to $17.91 and Dell extended recent losses, slipping 2.6 percent at $11.38.

Shares of U.S. steel producers fell after a Wall Street analyst downgraded the sector on the belief that prices of the metal will decline. U.S. Steel fell 4.5 percent to $21.73 and the S&P materials sector <.gspm> dropped 1.1 percent.

Big Lots shares slid 22.4 percent to $30.13 after the retailer reported a lower-than-expected quarterly profit and cut its full-year adjusted earnings forecast.

(Reporting By Angela Moon; Editing by Kenneth Barry)

Source: http://news.yahoo.com/stock-futures-signal-higher-open-focus-data-081409633--finance.html

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