RTTNews - U.S stocks futures point to a slightly lower opening Friday morning following gains in previous session on bargain hunting at lower levels despite mixed economic data.
As of 6.30 am ET, the Dow Futures were down 26 points, the Nasdaq Futures were down 4.00 points, and the S&P Futures were down 2.80 points.
Thursday, stocks ended in positive territory as traders digested mixed economic data on GDP front and weekly jobless claims and purchased beaten down stocks amid waning selling pressure. Better than expected results for the auction of the 7-year Note from Federal Reserve and a drop in the yield of the benchmark 10-year bond also encouraged traders.
The Dow finished up by 172.54 points, or 2.08% at 8,472, the Nasdaq rose 37.20 points, or 2.08% to 1,830 and the S&P 500 jumped 19.32 points to 920.
Traders are likely to focus on the personal income and spending figures for May to be released by the Bureau of Economic Analysis at 8.30 am ET. Economists expect the report to reveal that personal income as well as personal spending increased 0.3%. Shortly after the bell, the Reuters/University of Michigan's final report on the consumer sentiment index for June is scheduled to be released. Economists forecast an increase in the index to 69 from the previous month's reading of 68.7.
General Motors Corp. (GM) is expected to announce later in the day that the existing facility at Orion Township in Michigan would be the location for the new small-car plant, according to people familiar with the details.
Australian carrier Qantas Airways Ltd. (QUBSF.PK), the largest customer of Boeing Co. (BA) canceled orders for 15 Boeing 787-9 aircraft and also deferred delivery of 15 B787-8s by four years amid slumping global travel demand.
Memory chip maker Micron Technology Inc. (MU), Thursday said its loss for the third quarter widened from a year ago on hefty charges and losses related to disposals of semiconductor equipment and other items, as well as sharp decline in quarterly sales.
Diversified manufacturer Honeywell Intl. Inc. (HON) announced Thursday after the bell that it has signed a definitive agreement valued at approximately US$400 million to acquire Germany-based RMG Group, specializes in the design and manufacture of natural gas control, measurement and analysis equipment.
Technology outsourcing and consulting firm Accenture Ltd. (ACN), said Thursday its profit for third quarter declined to $444 million from $469 million reported for the same period last year, reflecting the negative impact of unfavorable foreign-exchange rates.
Specialty retailer Finish Line Inc. (FINL), reported a net loss from continuing operations of $0.606 million or $0.01 per share for the first quarter compared to net income from continuing operations of $0.865 million or $0.02 per share in the same period last year.
Semiconductor system solutions provider, Standard Microsystems Corp. (SMSC) said that it recorded a first quarter net loss of $9.2 million or $0.42 per share, compared to a profit of $4.5 million or $0.20 per share in the prior year period, primarily due to charges and a substantial decline in revenues.
Lear Corp. (LEA), a maker of automotive seats, is working on a pre-packaged bankruptcy five days before it must make a $38 million interest payment on two of its bonds, media reported Friday citing people familiar with the situation.
Light sweet crude oil price for August delivery is trading higher at $71.14, extending its gain from the previous session, when it closed at $70.23. The resumption in the rally of the price of oil is partly due to geopolitical factors and the dollar's weakness.
The U.S. Dollar is losing ground against its European counterparts in early trading as an advance in stock prices reduced demand for the safe-haven greenback.
Across Europe, the FTSE Index in the UK and the DAX in Germany are trading in the positive while the CAC-40 Index has slipped into the red with minor losses.
Germany's Federal Statistical Office said in a report that the import price index dropped 10.4% year-over-year in May, compared to the 8.6% fall in the previous month.
In Asia, Statistics New Zealand reported that the nation's Gross Domestic Product declined 1.0 percent in the three months to March, continuing to experience recession in the country. Meanwhile, Japan seems to be entering another era of deflation, as a government report released earlier today showed that core consumer prices that exclude fresh food, showed the biggest drop on record.
The markets across Asia continued their northward momentum and ended higher for the second successive day taking cues from Wall Street, on increasing optimism about global recovery.
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