5 Things You Need to Know Before the Stock Market Opens

NEW YORK ( TheStreet) -- U.S. stocks were set to open lower Friday as high oil prices put a damper on global growth expectations.

European stocks were mostly flat while Asian stocks finished with gains -- Japan's Nikkei 225 index rose 0.7% to 9,777.03, its highest close in seven months.

Oil prices were slipping slightly but still remained above $108 a barrel. Prices touched $110 a barrel earlier on a report of an explosion at a Saudi pipeline; the Saudis denied the report.

The calendar Friday is light on U.S. economic data.

John Williams, president of the San Francisco Federal Reserve Bank, said higher oil prices are affecting U.S. growth but aren't a reason right now to think the economy will stall, Reuters reported.

"It pushes people not to spend. This is one of the factors affecting consumer confidence and consumer spending," Williams said following a speech in Honolulu.

Oil prices last month hovered around $96 a barrel.

Yelp ( YELP), the online business review company, said its initial public offering was priced Thursday at $15 a share, above its projected range of $12 to $14.

Yelp is selling 7.1 million shares, while its charitable foundation will sell 50,000.

The IPO values Yelp at $900 million. The stock begins trading Friday on the New York Stock Exchange.

Eurozone banks deposited a record €776.9 billion overnight Thursday at the European Central Bank, two days after the banks took advantage of the ECB's latest long-term refinancing operation, The Financial Times reported.

Under the ECB's operation, 800 banks took €529.5 billion of three-year loans at 1%, the FT said.

Discount retailers Big Lots ( BIG) and Overstock.com ( OSTK) report quarterly earnings on Friday.

-- Written by Joseph Woelfel

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