Stock Futures Pointing to Lower Weekly Close
NEW YORK ( TheStreet) -- U.S. stock futures were pointing to a lower opening on Friday, threatening to send stocks into negative territory for the week.
Futures for the S&P 500 were dropping 0.27%, to 1,689.25.
Economic data was light for Friday as traders were expecting June wholesale inventories at 10 a.m. EDT. Economists polled by Thomson Reuters were expecting inventories to rise 0.4% after a dip in May of 0.5%.Stocks gained Thursday after stronger-than-anticipated export data from China suggested to U.S. traders that a slowdown in the country would not be as significant as anticipated. In company news, shares of Priceline (PCLN) were popping 6.3% to $992.93 after the online travel company beat earnings expectations. The company posted second-quarter earnings of $9.70 a share on $1.68 billion in revenue, while analysts were looking for $9.36 a share on revenue of $1.66 billion. J.C. Penney (JCP) shares were pulling back on Friday a day after surging more than 6.5% on a report that activist billionaire investor Bill Ackman was urging the board to replace CEO Myron Ullman. Shares of the company were down 1.9% to $13.40 in premarket trading. European markets were rising on Friday. The FTSE 100 in London was increasing 0.59%, and the DAX in Frankfurt was adding 0.2%. Asian markets closed higher overnight. Japan's Nikkei average closed up 0.7% at 13,615. Hong Kong's Hang Seng climbed 0.7% to 21,808. The benchmark 10-year was down 1/32, boosting the yield to 2.595%. The dollar was adding 0.09%, according to the
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