Market Hustle: Stock Futures Nudge Higher Ahead of New Home Sales
NEW YORK (TheStreet) -- U.S. stock futures were pointing higher into what's expected to be a lighter session ahead of the Memorial Day weekend.
Dow Jones Industrial Average futures were up 6 points, or 12.92 points above fair value, to 16,534. S&P 500 futures were up 1 point, or 1.31 points above fair value, to 1,891.25. Nasdaq futures were up 4 points, or 2.74 points above fair value, to 3,652.
U.S. new home sales for April will be released at 10 a.m. EDT. Easy comparisons are expected following a drop of 14.5% in March.
U.S. markets closed higher Thursday as key discretionary retailers beat earnings expectations on the heels of better manufacturing data and a rise in U.S. existing home sales.
- Societe Generale strategists have noted that since 1969 the S&P 500 has dropped by 1% or more 27 days a year on average; in the past 12 months, there have been only 19 such days. This docility has increased investors' appetite for both stocks and bonds, which helps explain why the stock market hovers near record highs and yields on Treasuries near historic lows, they explained.
- Foot Locker (FL) was gaining 2.57% in premarket trading Friday as its first-quarter earnings per share of $1.11 beat estimates by a nickel. Same-store sales jumped more than anticipated during the quarter. GameStop (GME) was popping 4.8% after reporting first-quarter earnings that topped estimates by 2 cents at 59 cents a share and guiding for a 12% to 19% increase in current-quarter comparable- store sales.
- Hewlett-Packard (HPQ) shares were flat after the Silicon Valley tech giant said it would cut an additional 11,000 to 16,000 jobs and posted fiscal second-quarter revenue below expectations.
- The Hong Kong Hang Seng settled up 0.05% while the Nikkei 225 in Japan rose 0.87%.The FTSE 100 was down 0.18% and the DAX in Germany was up 0.2%.
- Data overnight showed a bigger-than-expected fall in German business confidence in May.
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