Futures Rise Ahead of Consumer Data
NEW YORK (
) -- Stock futures were pointing to a stronger open Friday as investors anticipated reports that will give more information about the strength of the U.S. consumer.
Futures for the
Dow Jones Industrial Average
were up by 5 points, or 27 points above fair value, at 12,414. Futures for the
S&P 500
were higher by 2 points, or 4 points above fair value, at 1328, and
Nasdaq
futures were ahead by 4 points, or 4 points above fair value.
Stocks finished modestly higher Thursday led by strength in energy, materials and tech sectors.
The FTSE in London was rising 0.8%, and the DAX in Frankfurt was advancing 0.3%. Japan's Nikkei slipped 0.4%, while Hong Kong's Hang Seng gained 1%.
Personal income and spending are expected to show slower growth in April. At 8:30 a.m. ET, the Commerce Department is expected to report that personal income rose 0.4% in April after growth of 0.5% in March. Personal spending is slated to tick 0.5% higher in April after rising 0.6% in March, according to Briefing.com.
At 9:55 a.m., the University of Michigan will give its final reading on May consumer sentiment. Economists aren't expecting any revisions to the prior May index reading of 72.4, according to Briefing.com. In April, the consumer sentiment index came in at 69.8.
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At 10 a.m., the National Association of Realtors is projected to report that pending home sales fell 1.4% in March after gaining 5.1% in February.
Shares of
Marvell Technology Group
(MRVL) - Get Marvell Technology Group Ltd. Report
were rising 8.9% to $15.85 ahead of Friday's opening bell after the
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chipmaker issued a better-than-expected outlook for the second quarter during its conference call on Thursday.
Online professional network company
(LNKD)
saw its stock advance 1.9% to $88 in early trading. Options activity in the stock is scheduled to begin on Friday.
Shares of
OmniVision Technologies
(OVTI)
were slipping 4.2% to $34.89 during the premarket session after the
maker of image sensors for camera phones reported increases in fourth-quarter income and revenue and issued guidance that beat analysts' expectations on the high end.
Web security and network optimization company
Blue Coat Systems
(BCSI)
gave a disappointing outlook after reporting fourth-quarter results that missed estimates. The stock was losing 11.2% to $19.86 early Friday.
The July crude oil contract was adding 25 cents to trade at $100.48 a barrel. Gold for August delivery was gaining $2.70 at $1,526.40 an ounce.
The benchmark 10-year Treasury fell 4/32, lifting the yield to 3.072%. The dollar weakened against a basket of currencies, with the dollar index down by 0.5%.
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-- Written by Melinda Peer in New York
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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
