Wall Street to open flat after ECB rate decision, jobs data

By Tanya Agrawal

REUTERS - Wall Street looked set to open little changed after the European Central Bank left rates unchanged and data pointed to a healthy U.S. labor market.

The number of Americans filing for unemployment benefits unexpectedly fell to 259,000 last week, the lowest level since mid-July, the Labor Department said.

The ECB kept its already loose policy stance unchanged to revive growth and said it may extend quantitative easing beyond the March deadline if inflation does not improve.

U.S. stocks have been trading in a tight range in recent months amid growing uncertainty over interest rates. The benchmark S&P 500 has not moved more than 1 percent in either direction on a daily basis since July 8.

"Until we get the Fed out of the way, it's going to be a market that remains indecisive and directionless," said Peter Cardillo, chief market economist at First Standard Financial.

Dow e-minis were down 1 points, or 0.01 percent at 8:33 a.m. ET, with 18,589 contracts changing hands.

S&P 500 e-minis were up 0.25 points, or 0.01 percent, with 178,269 contracts traded.

Nasdaq 100 e-minis were down 2 points, or 0.04 percent, on volume of 18,030 contracts.

Oil prices rose more than 1.5 percent after U.S. industry data showed a large drawdown in crude stocks, reflecting the temporary impact of an Atlantic storm. [O/R]

Apple shares were down 0.5 percent at $107.87 in premarket trading, a day after the company unveiled an iPhone 7 with high-resolution cameras and no headphone jack at its annual launch event.

Tractor Supply plunged nearly 14 percent at $74.77 after the home improvement and pet care products retailer lowered its full-year forecast.

Tesla fell 1.3 percent to $199 after Cowen & Co began coverage of the stock with an "underperform" rating.

Nike fell 1.8 percent to $56.68 after Piper Jaffray downgraded the shoemaker's stock to "neutral" from "overweight".

(Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D'Silva)