NEW YORK (
NEW YORK (
) -- U.S. stock futures followed
global markets lower Friday as China tightened lending further.
Futures for the
Dow Jones Industrial Average
were down by 53 points, or 35 points below fair value, at 11,123. Futures for the
were 6 points lower, or 4 points below fair value, at 1191 and
futures were off by 10 points, or 9 points below fair value.
Stocks rallied Thursday on
successful return to Wall Street and signs that Ireland is more willing to accept aid for its banks.
On Friday, the People's Bank of
China ordered banks to increase reserves in an effort to tame inflation. In its second reserve increase in two weeks, China's central bank told lenders to hold back an additional 0.5% of their deposits. Hong Kong's Hang Seng dipped 0.1% lower while Japan's Nikkei inched 0.09% higher.
In Europe, finance officials continue to work with Ireland to agree on an aid package for the country's banks. The FTSE in London was down 1%, and the DAX in Frankfurt was off by 0.1%.
Chairman Ben Bernanke, speaking at the Sixth European Central Bank Central Banking Conference in Frankfurt, said China's unbending currency is restricting global growth.
There are no economic releases scheduled during Friday's session.
were up 9.5% to $126.71 ahead of Friday's opening bell after the company forecast better-than-expected fourth-quarter earnings.
saw its stock up 4% to $14.20 in premarket trading after the company reported a third-quarter profit that more than doubled and said sales rose 19% to $15.4 billion.
Del Monte Foods
is in advanced talks to be bought by private-equity firm
Kohlberg Kravis Roberts
, according to a
report. Shares of Del Monte Foods were up 10.8% to $17.41.
said it won't pursue an initial public offering, citing market conditions.
In commodity markets, the January crude oil contract was up by 15 cents to trade at $82.57 a barrel. The December gold contract was up by $4.40 to $1,357.40 an ounce.
The dollar traded lower against a basket of currencies with the dollar index down by 0.4%, and the benchmark 10-year Treasury note was unchanged with a yield of 2.901%.
--Written by Melinda Peer in New York
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.