June 19 (Bloomberg) -- U.S. stock futures were little changed, after the Standard & Poor’s 500 closed at a record as the Federal Reserve promised to keep interest rates low amid signs of an economic recovery.
BlackBerry Ltd. jumped 11 percent after reporting a narrower loss than analysts had projected. Red Hat Inc. advanced 4.7 percent after increasing its annual revenue forecast. Starbucks Corp. climbed 1.3 percent after UBS AG boosted its rating on the world’s largest coffee-shop chain.
Futures on the Standard & Poor’s 500 Index expiring in September added 0.1 percent to 1,950.30 at 8:32 a.m. in New York. The benchmark equity index has advanced for the last four days, increasing yesterday to an all-time high of 1,956.98. Dow Jones Industrial Average contracts rose 12 points, or 0.1 percent, to 16,830 today.
“Yellen is a super dove,” Lex Van Dam, a fund manager at Hampstead Capital LLP in London, said in an interview. “There remain very few alternatives for your cash other than putting it in stocks. The trend remains up in markets. I believe in the Fed. The economy has recovered on financial engineering.”
Fed Chair Janet Yellen said at the end of a two-day meeting yesterday that accommodative monetary policy, rising property and equity prices and the improving global economy should lead to above-trend growth. Yellen emphasized the need to put more Americans back to work and downplayed concerns about asset-price bubbles and incipient inflation.
The central bank reduced its bond purchases by $10 billion for a fifth consecutive meeting, to $35 billion, leaving it on schedule to end the program this year. The stimulus has helped the S&P 500 rally 189 percent from its bear-market low in March 2009.
The benchmark index has climbed 7.8 percent since a low on April 11 as data showed the economy is recovering from the impact of extreme weather earlier this year. The gauge is trading at 16.6 times the projected earnings of its members, up from 15.5 times at the beginning of the year.
Fewer Americans filed applications for unemployment benefits last week, a sign of steady progress in the labor market. Jobless claims fell 6,000 to 312,000 in the week ended June 14, the Labor Department reported today in Washington. The median forecast of 50 economists surveyed by Bloomberg called for 313,000.
BlackBerry jumped 11 percent to $9.23. The smartphone maker posted a first-quarter loss of 11 cents a share excluding one- time items, better than the 25-cent average loss that analysts had estimated in a Bloomberg survey. Cost cuts helped offset a decline in sales.
Red Hat gained 4.7 percent to $55.60. The largest seller of Linux operating-system software said annual earnings will be as much as $1.79 billion in fiscal 2015, higher than the $1.73 billion to $1.76 billion it had forecast in March. The company’s first-quarter adjusted profit of 34 cents a share and sales of $424 million, beat analyst estimates.
Starbucks rose 1.3 percent to $76.56. UBS boosted its rating on the Seattle-based company to buy from neutral and its stock-price estimate to $87 from $80. The brokerage said Starbucks is one of the companies with the best long-term growth opportunities among consumer multinationals.
Monster Beverage Corp. advanced 2.8 percent to $73.35. Wells Fargo & Co. started covering the stock, giving it an outperform rating, the equivalent of a buy. BTIG also initiated coverage of the shares with a buy.