RTTNews - US stocks were looking to extend their gains from the previous session Friday morning in New York, but early signals were pointing to another cautious start ahead of some pivotal economic data.

As of 6:15 am ET, the Dow Futures were up 23 points, the NASDAQ Futures were up 7 points, and the S&P Futures were up 3 points.

Stocks posted notable gains on Thursday as trader concerns regarding rising interest rates were cooled by a respectable bond auction.

The Dow closed up 103.78 points or 1.3 percent at 8,403.80, the NASDAQ closed up 20.71 points or 1.2 percent at 1,751.79 and the S&P 500 closed up 13.77 points or 1.5 percent at 906.83. The Dow is up 2.89 percent in May.

Friday's trading is likely to be impacted by an influx of key economic data. Traders will look to preliminary gross domestic product data for the first quarter, with the contraction in GDP expected to be revised to 5.5 percent from the originally reported 6.1 percent drop.

Shortly after the opening bell, traders will be presented with business activity figures from the Chicago area as well as the Reuters/University of Michigan's revised reading on consumer sentiment for the month of May.

Target Corp. (TGT) shareholders elected all four of the company's incumbent director nominees to the board by a comfortable margin, thwarting activist investor William Ackman's movement to overhaul the board of Wal-Mart's biggest competitor.

Dell Inc. (DELL), the world's second largest PC maker, said Thursday after the markets closed that its first quarter profit fell 63% from last year, as revenue dropped and margins deteriorated amid a challenging demand environment. Looking ahead, Dell said indicators of global IT demand remain mixed and the broader environment is still challenging.

Software service provider Novell Inc. (NOVL) said its second quarter profit jumped from a year ago as expenses declined, despite an 8.5% fall in revenues reflecting a huge drop in software licenses and services revenue. On an adjusted basis, earnings came in above Street estimates, while revenues fell short.

The price of crude remained above the $65 a barrel mark amid a further reduction of risk aversion.

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