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Stocks were little changed early Friday as traders awaited news on the U.S. trade deficit to close out a week of high volatility.

Index futures recently showed the

S&P 500

trading 1.5 points below fair value, while the Nasdaq 100 was set for a 1.5-point gain. The 10-year Treasury note was up 4/32 in price to yield 4.98%, while the dollar fell against the yen and rose against the euro.

Overseas markets were higher, with London's FTSE 100 adding 1.2% to 5631 and Germany's Xetra DA X rising 1.3% to 5451. In Asia, Japan's Nikkei gained 0.8% overnight to 14,751, while Hong Kong's Hang Seng gained 1.2% to 15,629.

The Commerce Department is expected to say at 8:30 a.m. EDT that the U.S. trade deficit swelled to $65 billion in April from $62 billion in March. The report's main implication is for the dollar, which is sitting at a six-week high against the yen as currency traders wager on more

Federal Reserve

interest-rate tightening.

The Nasdaq got a boost from

Texas Instruments

(TXN) - Get Texas Instruments Incorporated Report

, which late Thursday predicted it will earn 46 cents to 48 cents a share on revenue of $3.63 billion to $3.78 billion in its second quarter. Its previous estimate was for earnings of 38 cents to 43 cents a share on sales of $3.46 billion to $3.75 billion. Part of the upside is attributable to a patent settlement and tax gain.

On Thursday, stocks ended narrowly mixed as bulls stepped in and erased steep losses in the last two hours of trading. For the second time in less than a month, the major indices bounced after the S&P 500 fell to its lowest point of 2006, which is now 1235. Entering Friday, the Dow is down 2.7% on the week, while the S&P 500 is off 2.3% and the

Nasdaq Composite

has lost 3.3%.

To view Ana Dane's video take on today's premarket action, click here

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Thursday's rebound featured big swings in many energy and materials stocks where weakness has prevailed for nearly a month, pacing the broader market's decline. On Friday, analysts at Suntrust began coverage on a handful of energy names, slapping buys on

Chesapeake Energy

(CHK) - Get Chesapeake Energy Corporation Report



(APC) - Get Anadarko Petroleum Corporation Report



( XTO), among others.


(AA) - Get Alcoa Corporation Report

was upgraded to neutral by Prudential.

Crude, which has fallen in three consecutive sessions after touching a three-week high of $72.60 a barrel Monday, firmed. The July contract was recently adding 35 cents to $70.80 a barrel in electronic Nymex trading. Among other commodities, gold rose $2.60 to $616.40 an ounce, while copper added 2 cents to $3.38 a pound.

Among stocks,


(TTWO) - Get Take-Two Interactive Software Inc. Report

slid 11% late Thursday after saying its second-quarter loss widened by a factor of five despite a 19% rise in sales. The video game publisher declined to give forward guidance.

National Semiconductor's


fourth-quarter earnings fell 9% from a year ago to $118.8 million, or 34 cents a share, due in part to a charge. Adjusted for that, earnings of 41 cents a share were 3 cents ahead of estimates.

In a midquarter update,


(XLNX) - Get Xilinx Inc. Report

backed previous guidance for a 1% to 5% sequential rise in sales but warned that its gross margin will be 62% in the current period, not the 62.5% it previously predicted.

Tech reseller

Ingram Micro


backed previous guidance for its second quarter, saying it expects to earn about 31 cents a share on revenue of $7.25 billion. "Demand is generally stable throughout the world," the company said. "As expected, we are experiencing margin pressure from a more competitive environment, especially in Europe, but we are managing through it well."