Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Friday, June 14:

1. -- U.S. stock futures were pointing to a lower open on Wall Street as investors paused ahead of a handful of economic releases Friday and anticipated the Federal Reserve's policy announcement next Wednesday.


2. -- The economic calendar in the U.S. Friday includes the Producer Price Index for May at 8:30 a.m. EDT, industrial production and capacity utilization for May at 9:15 a.m., and the University of Michigan sentiment index for June at 9:55 a.m.


3. -- Major U.S. stock markets rose Thursday on better-than-expected consumer spending and labor market reports which offset concern the Federal Reserve may curb its monetary stimulus program.

The S&P 500 advanced 1.5% to close 1,636.36, its second-biggest daily gain in 2013. The Dow Jones Industrial Average gained 1.21% to 15,176.08 while the Nasdaq added 1.32% to 3,445.37.


4. -- President Obama authorized lethal aid to Syrian rebels fighting Syrian President Bashar al-Assad, U.S. officials said Thursday.

The move marks a major policy shift and a deepening of U.S. involvement in the two-year civil war, and it comes after the White House confirmed it had evidence that Assad's regime used chemical weapons against opposition forces.


5. -- Smithfield Foods ( SFD) is expected by Wall Street to report on Friday fourth-quarter earnings of 43 cents a share on revenue of $3.27 billion.

Smithfield announced in late May it reached a deal to be acquired by China's Shuanghui for $4.7 billion.


6. -- Institutional Shareholder Services, the proxy advisory firm, urged Clearwire ( CLWR) shareholders on Thursday to vote against Sprint's ( S) offer of $3.40 a share for Clearwire shares it doesn't already own.

A day earlier, Clearwire's board recommended that shareholders approve a buyout offer from Dish Network ( DISH), reversing its earlier stance to support Sprint's takeover bid.


7. -- Smith & Wesson ( SWHC), the guns maker, said it expects fiscal fourth-quarter earnings of 44 cents a share, above Wall Street estimates of 40 cents a share.

The company said its fourth-quarter sales would rise 38% from a year earlier to $179 million.


8. -- The Airbus A350 passenger jet took off on its maiden flight Friday, setting the stage for increased competition with rival Boeing ( BA) in the marker for long-haul wide-body aircraft.


9. -- Rupert Murdoch, CEO of News Corp. ( NWSA), filed for divorce from Wendi Deng Murdoch, his wife of 14 years, citing a breakdown in the relationship.

The divorce filing isn't likely to alter the Murdoch family's control of the media conglomerate, according to reports.


10. -- The first round of the U.S. Open was suspended Thursday evening because of heavy rains. Play will resume Friday morning, with the afternoon groups completing their first rounds.

Luke Donald is the leader after the first day, though he completed only 13 holes. He will finish the last five holes of his first round on Friday morning and then begin his second round later in the afternoon.


-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

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Copyright 2013 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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