NEW YORK ( TheStreet) -- Premarket futures indicated a higher open for stocks in New York ahead of the latest data on the U.S. consumer as a round of earnings reports boosted Wall Street's confidence.
Futures for the S&P 500 up 5.2 points, at 1034.5, and were 4.37 points above fair value. Futures for the Nasdaq edged up 7 points, to 1646, and were 4.91 points atop fair value.
Stocks eked out gains Thursday after a rocky start as stocks initially fell despite a less severe decline than expected in production. All three major indices were positive for the week heading into Friday's session, which should bring a more current picture of the U.S. consumer.
July personal income and spending data are due out at 8:30 a.m. EDT, to be followed by the revised August consumer sentiment reading from the University of Michigan. Expectations are for a slight improvement in income and sentiment, but also a lesser increase in spending compared to June.Meanwhile, earnings late Thursday and early Friday helped reinvigorate the bulls. Dell (DELL - Get Report), which accidentally released its results early on its Web site, topped expectations . Chipmaker Marvell (MRVL - Get Report) also blew past analysts' estimates, despite taking a revenue and profit hit. Outside of the tech space, J. Crew (JCG) and Paris-based L'Oreal (OR) also posted better-than-expected profits for the recent quarter and first six months in 2009, respectively, and estimated that sales will continue to improve. In other news, China Unicom (CHU - Get Report) said Friday it reached a three-year agreement to sell Apple's (AAPL - Get Report) iPhone in China, the world's largest mobile phone market.