Stocks set for mixed start
Ford loss and troubled housing market weigh on blue chips, but Amazon's strong results could lift Nasdaq
NEW YORK (CNNMoney.com) -- A mixed opening loomed for stocks Thursday as investors digested a sharp drop in Ford profits, strong results from Amazon.com, and awaited word about the strength of the troubled housing market.
At 8:15 a.m. ET, S&P futures were lower, signaling a weaker start from the broader market. But Nasdaq futures were higher, a solid sign for the tech sector that dominates that market. (Check futures)
Stocks posted modest gains Wednesday as oil prices tumbled to the lowest close since early June and a housing aid bill moved closer to final enactment.
Housing and the economy: A key reading on home sales, which appeared to have reached a bottom earlier this year, was due shortly after the market open. The National Association of Realtors was expected to report a decline in the annual home sales rate to 4.95 million in June from 4.99 million the previous month, according to economists surveyed by Briefing.com.
The House passed a bill late Wednesday providing up to $300 billion in aid to homeowners facing foreclosure as well as government support to mortgage financers Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500). The bill is expected to pass the Senate; President Bush, who had threatened to veto the bill, has indicated he will sign it. (full story)
Adding to economic concerns, the Labor Department reported that new unemployment claims rose to a much bigger-than-expected 406,000 last week, a level not seen since hurricanes devastated the Gulf Coast in September 2005.
Finance: Regional Bank National City Corp. (NCC, Fortune 500) reported a mortgage-related loss of $2.45 per share, much deeper than expected. The company also took a large hit from previous acquisitions.
Regional banks have been in the crosshairs of investors since the near-bankruptcy and government takeover of IndyMac bank on July 11.
Oil: Crude prices have also weighed heavily on many companies, particularly those that rely on shipping and transportation.
Oil futures rose 36 cents to $124.80 in electronic trading after settling Wednesday at their lowest level since June 4.
Automotive: Ford reported a huge $8.7 billion net loss for the second quarter, and said it would restructure its North American product line to include more of the more fuel-efficient vehicles now made in Europe. (full story)
Ford (F, Fortune 500) and rival General Motors (GM, Fortune 500) have been hit hard by economic weakness and high fuel prices as people have stopped buying the high-margin sport utility vehicles that they had relied upon.
Industry: Dow Chemical (DOW, Fortune 500) reported second-quarter earnings fell 27% from the previous year due to the high cost of energy and raw materials.
Meanwhile, conglomerate 3M (MMM, Fortune 500) said profit rose, helped along by strong sales in non-U.S. markets.
Tech: Online merchant Amazon.com, a Nasdaq-traded company, defied the sputtering economy to post better-than-expected second-quarter earnings and to boost its 2008 revenue projections. CEO Jeff Bezos said high gasoline prices may be luring shoppers. (full story)
Amazon (AMZN, Fortune 500) shares rose 8.6% in after-hours trading.
Markets: Asian stocks ended mixed Thursday, with Tokyo's Nikkei index rallying 2.2% but other markets faltering. European shares were lower in early trading. 
