Wall Street before fall of U.S. Payroll futures

 Traders work on the floor of the New York Stock Exchange at the beginning of the trade session at New York, 3 January 2011.Credit: Reuters, Mike Segar

NEW YORK | 7 Jan 2011 7: 19 pm EST

NEW YORK (Reuters) - U.S. stock index future just changed Friday, investors are waiting to see if U.S. nonfarm pay figures were also solid that it seemed to indicate the previous data.

* Economists expect government because payroll data at 8: 30 a.m. EST, show the US economy created 175 000 new jobs in December, the highest level since May.

* Some economists revised their forecasts higher after surprising ADP private sector figures of employment on Wednesday were triple forecasts.

* Overbought levels on the S & P 500.SPX has opened the door to the possibility of declines so disappointed of payroll. Technical support in the short term for the point of reference was found near 1,260, its moving average of 14 days. S & P closed Thursday at 1,273.85.

OSFI posts data will come after a 7.9% rise in the S & P 500 at the beginning of December, to this day.

* S & P 500 0.1 point toughened futures and fair value, a formula that evaluates prices taking into account the rate of interest, dividends and the time of expiry of the contract, has not changed. Dow Jones industrial average future increased by 7 points and Nasdaq 100 Futures fell to 4 points.

* Facing a Republican newly empowered skeptical of the Federal Reserve in its attempt to stimulate the U.S. economy, Chairman Ben Bernanke may turn off some optimism of Wall Street as it delivers testimony to Congress at 9: 30 pm EST.

* The Pentagon changed Lockheed Martin Corp. (LMT).(N) project fighter F-35 for the second time in a year and buy 41 Boeing Co (BA).(N) F/A-18 aircraft in the next three years to offset slower Lockheed production.

Treasury aging-out insurer American International Group, Inc. (AIG).(N) has approved a dividend which assumes that its recapitalization plan will close as soon as next week.

* Sara Lee Corp (SLE).(N) is considering spinning off the coast of its meat and coffee companies having rejected a takeover bid from the JBS Brazil his (JBSS3.)(SA), a source said.

* U.S. stocks were most Thursday lower than soft retail sales and a surge in the dollar sent the two manufacturers of Dow.DJI and S & P 500 down 0.2%. But Composite Nasdaq.IXIC increased by 0.3%.

(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)