US stocks flat before data, Lehman eyed

Stock index futures were little changed on Friday before economic reports that could shed light on how higher energy costs and the housing slump are affecting consumer sentiment and the profit outlook.

Data on new orders for manufactured durable goods is due at 8.30 a.m., followed by reports on June's new home sales and July's consumer sentiment at 9:55 a.m.

The Commerce Department's housing data takes on added importance a day after news that existing-home sales fell more than expected to a 10-year low, helping spark a sell-off on Wall Street that extended to Asia overnight. Tokyo's Nikkei stock index ended off 2 percent.

"The bias seems to be on the downside. The market is going to be focusing on the economic data," said Peter Cardillo, chief market economist at Avalon Partners in New York.

"I think we'll probably see consumer sentiment data direct today's trading."

S&P 500 futures slipped 0.30 point but were slightly above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures shed 16 points and Nasdaq 100 rose 1.50 points.

After an extended price decline, oil was back on investors' radar. U.S. front-month crude rose 74 cents to $126.23 a barrel, extending a recovery from a seven-week low.

Officials at Lehman Brothers Holding Inc (LEH.N), a Wall Street investment bank, are considering selling at least part of its Neuberger Berman asset management unit to raise capital, CNBC television reported, citing sources.

If Lehman sold the entire unit the deal could fetch around $8 billion, the sources told CNBC.

Crocs Inc's (CROX.O) shares are also among stocks to watch after the maker of brightly colored casual shoes slashed its second-quarter and 2008 profit and revenue forecasts.

The stock lost almost half of its value to 44.93 after the bell on Thursday.

U.S. stocks tumbled more than 2 percent on Thursday after a report showing yet a drop in U.S. home resales and a rebound in oil prices added to worries about the economy and the profit picture. Financial shares halted their recent rally as the Dow fell the most in a month.

(Agencies)