Stock futures flat, consumer sentiment data on tap

By @ibtimes on

Stock index futures were little changed on Friday after the Group of Eight leaders of rich nations said the world's economic recovery was more self-sustained but faced headwinds.

This has been a choppy week for equities, with steep losses early offset by a rally in the past two days. The S&P 500 was down 0.6 percent for the week. Trading volume could be anemic on Friday ahead of the Memorial Day holiday on Monday.

The losses early in the week came on worries about euro-zone sovereign debt, as well as concerns that global demand was slowing. While there are few catalysts seen for strong positive advances, technical support suggests there is a floor for stocks.

The Group of Eight leaders agreed on Friday that the global economic recovery was becoming more self-sustained, though higher commodity prices were hampering further growth.

Among economic reports, April pending home sales will be released at 10 a.m. (1400 GMT). Economists see a 1 percent decline compared with a 5.1 percent increase in the previous month. The May Thomson Reuters/University of Michigan Surveys of Consumers is seen essentially holding steady at April's level.

Personal income and consumption data will be released earlier on Friday.

S&P 500 futures rose 0.3 point and were 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 fell 4 points and Nasdaq 100 futures fell 1 point.

EBay and its online payment unit, PayPal Inc, on Thursday sued Google Inc and two executives, claiming they stole trade secrets related to mobile payment systems.

Google, along with MasterCard , Citigroup , Sprint and transaction processing company First Data, unveiled a system that will allow shoppers to use mobile phones to pay for items at the checkout counter.

Macau casino operator MGM China raised $1.5 billion from its Hong Kong initial public offering after pricing it at the top of its indicated range, triggering some concerns about lofty valuations. The firm is co-owned by MGM Resorts International , shares of which rose 1 percent to $15.88 in light premarket trading.

U.S. stocks rose for a second day on Thursday in a choppy session, with technology and consumer discretionary stocks leading the way after upbeat earnings.

(Editing by Kenneth Barry)

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