Stock Futures Creep Lower Ahead of CPI - TheStreet

Stock Futures Creep Lower Ahead of CPI

Treasury prices are falling, while the dollar is stronger.
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Stock index futures were slightly lower early Friday as traders awaited the newest data on inflation and digested another report indicating rising foreclosures for U.S. homeowners.

Futures on the

S&P 500

were down 0.7 points at 1342.50, but were fractionally above fair value.

Nasdaq

100 futures were down nearly 6 points to 1933 and were almost 3 points under fair value.

Contributing to the pressure on the technology side was word late Thursday that

Microsoft

(MSFT) - Get Report

would halt its attempt to take over

Yahoo!

(YHOO)

. That announcement sent the Internet portal's shares down 10% last time out.

Providing something of an offset was word that Yahoo! will, however, pursue a search pact with

Google

(GOOG) - Get Report

.

Still, the late selloff in Yahoo! combined with a late rebound in oil prices to cut in to what had been a sizable rally on Wall Street last time out.

As the new day arrived, investors were awaiting the government's consumer price index for May, which will offer details about inflation. Analysts are looking for an increase of about half a percent. Excluding food and energy, the core rate should be up 0.2%.

On the commodities side, crude oil was losing $1.48 to $135.26. Gold was off $7.10 at $864.90.

The dollar was mostly higher, rising against the euro, the yen and the pound. Treasury prices were on the decline, with the 10-year note down 12/32 and yielding 4.26%, and the 30-year bond off 17/32, yielding 4.79%.

Meanwhile, a report from RealtyTrac said that last month foreclosure filings rose 48% from the previous year and 7% from April. All told, 261,255 homes across the nation were subject to at least one foreclosure filing.

This article was written by a staff member of TheStreet.com.