2. -- The economic calendar in the U.S. Friday includes the Producer Price Index for May at 8:30 a.m. EDT, industrial production and capacity utilization for May at 9:15 a.m., and the University of Michigan sentiment index for June at 9:55 a.m.
3. -- Major U.S. stock markets rose Thursday on better-than-expected consumer spending and labor market reports which offset concern the Federal Reserve may curb its monetary stimulus program. The S&P 500 advanced 1.5% to close 1,636.36, its second-biggest daily gain in 2013. The Dow Jones Industrial Average gained 1.21% to 15,176.08 while the Nasdaq added 1.32% to 3,445.37.
4. -- President Obama authorized lethal aid to Syrian rebels fighting Syrian President Bashar al-Assad, U.S. officials said Thursday. The move marks a major policy shift and a deepening of U.S. involvement in the two-year civil war, and it comes after the White House confirmed it had evidence that Assad's regime used chemical weapons against opposition forces.
5. -- Smithfield Foods (SFD) is expected by Wall Street to report on Friday fourth-quarter earnings of 43 cents a share on revenue of $3.27 billion. Smithfield announced in late May it reached a deal to be acquired by China's Shuanghui for $4.7 billion.
6. -- Institutional Shareholder Services, the proxy advisory firm, urged Clearwire (CLWR) shareholders on Thursday to vote against Sprint's (S) offer of $3.40 a share for Clearwire shares it doesn't already own. A day earlier, Clearwire's board recommended that shareholders approve a buyout offer from Dish Network (DISH), reversing its earlier stance to support Sprint's takeover bid.
7. -- Smith & Wesson (SWHC - Get Report), the guns maker, said it expects fiscal fourth-quarter earnings of 44 cents a share, above Wall Street estimates of 40 cents a share. The company said its fourth-quarter sales would rise 38% from a year earlier to $179 million.
8. -- The Airbus A350 passenger jet took off on its maiden flight Friday, setting the stage for increased competition with rival Boeing (BA) in the marker for long-haul wide-body aircraft.