NEW YORK ( TheStreet) -- Stock futures were falling Friday as the markets pondered more weak European economic data, more neutral-than-expected stimulus talk from Federal Reserve Chairman Ben Bernanke, and China's rate cut ahead of a data-filled weekend for the country.
A wider-than-expected U.S. trade deficit was also putting a damper on confidence.
Futures for the
Dow Jones Industrial Average were lower by 46 points, or 21 points below fair value, at 12,360. Futures for the
S&P 500 were down 4.1 points, or 2.2 points below fair value, at 1306, and futures for the
Nasdaq were down 4.8 points, or 4.3 points below fair value, at 2526.
U.S. stocks closed on a mixed note Thursday, held in check by Bernanke's non-committal stance on additional stimulus measures-- after the European Central Bank provided no indications of near-term stimulus plans -- and a downgrade of Spain's credit rating by Fitch.But they had gotten an early lift after the People's Bank of China slashed its benchmark lending and deposit rates by 0.25 percentage points to prevent excessive cooling of economic growth in the country, which now was triggering worries that the move was a sign the market could expect some disappointing data out of the country this weekend, when it releases almost all its heavyweight economic data for May. "There may be a sizable downside surprise that prompted the PBoC
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