) -- U.S. stock futures were pointing to a flat open on Wall Street Friday after Spain unveiled a draft budget that called for severe spending cuts.

European stocks were rising while Asian shares closed Friday's session mostly higher, with Japan's Nikkei 225 index bucking the trend and finishing with a 0.9% loss.

The economic calendar in the U.S. Friday includes personal income and spending data for August at 8:30 a.m. EDT, the Chicago purchasing managers index for September at 9:45 a.m., and the final reading of the University of Michigan consumer sentiment index at 9:55 a.m.

U.S. stocks

on Thursday finished higher, getting a lift from an encouraging snapshot of labor market conditions and expectations for stimulus from China.


Dow Jones Industrial Average

rose more than 72 points, or 0.54%, to close at 13,486. The blue-chip index snapped a four-day losing streak.

Research In Motion


reported Thursday a much

narrower-than-anticipated loss

in the fiscal second quarter as its subscriber base grew and its cash balance increased.


(FB) - Get Facebook, Inc. Class A Report

announced Thursday a new functionality to allow users to buy real gifts for their friends through the social networking site. Facebook Gifts will roll out gradually, first becoming available to U.S. users.

Earnings are expected Friday from



TheStreet Recommends

American Greetings

(AM) - Get Antero Midstream Corp. Report


Finish Line




(MDT) - Get Medtronic Plc (MDT) Report

said it would buy

China Kanghui Holdings

, a maker of orthopedic devices, for $755 million.


(GRPN) - Get Groupon, Inc. Report

, the daily deals site, is reshuffling senior management roles in an attempt to fix its struggling European business -- a shake-up that will also include the departure of its chief of international business, according to a report from



-- Written by Joseph Woelfel

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Joseph Woelfel

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