US stocks were set to end another positive week on a lackluster note Friday morning in New York, ahead of key reports on consumer spending and sentiment.
As of 6:15 am ET, the S&P Futures were down 5 points, the NASDAQ Futures were down 8 points, and the Dow Futures were down 40 points.
Stocks ended Thursday's session at their best closing level in well over a month. The Dow closed up 174.75 points or 2.3 percent at 7,924.56, the Nasdaq closed up 58.05 points or 3.8 percent at 1,587.00 and the S&P 500 closed up 18.98 points or 2.3 percent at 832.86.
Trading on Friday could be impacted by the release of the Commerce Department's report on personal income and spending in the month of February along with the Reuters/University of Michigan's revised reading on consumer sentiment in the month of March.
Struggling automaker General Motors Corp. is unlikely to meet a March 31 deadline set by the U.S. government for gaining concessions from its main union and bondholders, the Wall Street Journal reported Thursday. However, officials of President Barack Obama's auto task force are reportedly agreeable to extending the deadline by another 30 days.
White House Press Secretary Robert Gibbs said the details would be announced before the President departs for the G20 Summit in London on Tuesday.
Obama is set to meet a number of large bank executives on Friday at noon to discuss the financial crisis. The heads of JPMorgan Chase & Co (JPM) and Citigroup (C) will attend the meeting.
Home builder KB Home is scheduled to announce its first-quarter results before the market opens on Friday. The nation's homebuilding industry has been struggling for several months and the general scenario is extremely difficult for KB Home due the housing market crisis and weak economy.
Technology outsourcing and consulting firm Accenture Ltd. (ACN: News ) said Thursday after the markets closed that its second quarter profit rose slightly from last year even as revenue fell. Net income per share were $0.63 per share for the second quarter, compared to $0.64 per share in the prior year quarter.
Asian stocks were narrowly mixed on Friday, with Tokyo's Nikkei losing 9 points, and the Hang Seng of Hong Kong added 10 points.
In European intraday dealing, the FTSE of the UK was up 5 points, the DAX of Germany was down 11 points, and the CAC of France was down 10 points.
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