Stock Futures Point to Third Day of Losses Amid Macro Pressures
NEW YORK ( TheStreet) -- Stock futures were setting up for another day in the red with downward momentum fueled by macroeconomic pressures and light economic incentive. European stocks were squashed even after news of tightening monetary policy. Geopolitical tensions in the Middle East dented global sentiment.
S&P 500 futures were down 0.05% to 1,922.25, and futures for the Dow Jones Industrial Average slid 0.06% to 16,740. The Nasdaq remained flat at 3,765.5.
If a downward trend continues through the day, markets could post their first weekly decline in three weeks even after hitting record highs earlier this week. U.S. stock markets suffered a second straight day of losses on Thursday.
The FTSE stumbled 1.2% even on news that Bank of England Gov. Mark Carney expects a British interest rate increase to come sooner than expected. Economists had expected a rate hike no sooner than the first quarter of 2015.The situation in Iraq is fracturing as Islamist rebel forces moved closer to Baghdad after capturing two more towns overnight. Contributing to unease, President Obama said Thursday that U.S. military strikes against Sunni Islamist militants are under consideration. Though oil prices have soared on impending conflict, markets have fallen. Data due Friday includes the Producer Price Index for may and the University of Michigan Sentiment Index for June, capping off a week light on economic movers.
Priceline (PCLN)PCLN said it's buying online restaurant reservation company OpenTable (OPEN)OPENfor $2.6 billion.
Priceline said it would pay $103 a share, a 46% premium to OpenTable's closing price Thursday of $70.43. OpenTable soared 46.5% in premarket trading on Friday to $103.19. Intel (INTC)INTC shares will be on watch Friday after the company upwardly revised its second-quarter revenue guidance, noting business demand for PCs has been strong. The stock is up 6.6% in premarket trading. Struggling clothing retailer Express (EXPR)EXPR was popping after being on the receiving end of M&A interest. Sycamore Partners, currently a 9.9% stakeholder, said it is doing due diligence before determining an offer price. Shares were up 25.1% premarket, but are down 27.4% for the year. Finisar (FNSR)FNSR was dropping after posting adjusted quarterly earnings of 36 cents a share, 2 cents below what analysts expected. --Written by Keris Alison Lahiff in New York. >>Read More: Fear Not: S&P 500 Remains Only 1% Lower Than Record High June 13 Premarket: 10 Things You Should Know
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