Updated from 6:42 a.m. EDT.
Here are 10 things you should know for Friday, May 30:
1. -- U.S. stock futures were trading lower Friday ahead of U.S. spending data.
European stocks were mixed. Asian shares ended the session mostly to the downside. Japan's Nikkei 225 declined 0.3%.
2. -- The economic calendar in the U.S. on Friday includes personal income and personal spending for April at 8:30 a.m. EDT, Chicago PMI for May at 9:45 a.m., and the final University of Michigan Sentiment Index for May at 9:55 a.m.
3. -- U.S. stocks on Thursday rose despite disappointing home sales. Jobless claims fell more than expected, while investors overlooked a poor result for first-quarter GDP.
The Dow Jones Industrial Average gained 0.39% to close at 16,698.68, while the Nasdaq rose 0.54% to 4,247.95. The S&P 500 added 0.54% to 1,920.03.
4. -- Shelly Sterling reached an agreement late Thursday to sell the Los Angeles Clippers to former Microsoft (MSFT) CEO Steve Ballmer for $2 billion. It would be a record deal if approved by the NBA.
According to The Associated Press, Ballmer and the Sterling Family Trust now have a binding agreement. The deal now must be presented to the NBA.
Shelly Sterling negotiated the sale after her husband, Donald Sterling, made racist remarks that were made public. Donald Sterling must also approve the final agreement as a 50% owner.
Donald Sterling's attorney said that won't happen. "Sterling is not selling the team," said his attorney, Bobby Samini. "That's his position. He's not going to sell."
5. -- Shares of Hillshire Brands (HSH) rose 17.7% on Thursday after Tyson Foods (TSN), the largest U.S. meat processor, made a $6.2 billion offer for the maker of Jimmy Dean sausages and Ball Park hot dogs, topping a bid made two days earlier by rival poultry producer Pilgrim's Pride (PPC).
Both offers are contingent on Hillshire abandoning its plan to acquire Pinnacle Foods (PF), which makes Birds Eye frozen vegetables and Wish-Bone salad dressings.
6. -- U.S. authorities are pushing BNP Paribas to pay more than $10 billion to end a criminal probe into allegations the French bank evaded U.S. sanctions, according to people familiar with the negotiations, The Wall Street Journal reported.
A settlement of $10 billion or more, along with the guilty plea prosecutors are also seeking, would eclipse the punishment inflicted on other banks for similar conduct, according to the Journal. To date, the most severe penalty on a bank suspected of sanctions violations or money laundering has been a $1.9 billion settlement with HSBC Holdings (HBC).
7. -- Google (GOOG) launched a Web page on Friday that will accept requests from Europeans who want their personal information removed from search results.
Two weeks ago, Europe's highest court ruled Google must amend some of its search results at the request of ordinary people when they show links to outdated, irrelevant information.
8. -- Southwest Airlines (LUV) was fined $200,000 for advertising $59 fares that were too good to be true.
The U.S. Department of Transportation said Thursday that in TV ads last October the airline promised flights from Atlanta to New York, Chicago and Los Angeles for just $59 but didn't make any seats available at that price. The ads were deceptive and violated rules on advertising of airline fares, the DOT said.
The airline also was required to pay an extra $100,000 that had been suspended after a similar offense last year.
9. -- Big Lots (BIG) reported on Friday first-quarter adjusted earnings of 50 cents a share, topping Wall Street forecasts of 44 cents.
The stock rose 11.9% in premarket trading to $41.97.
10. -- Ford (F) will recall 1.4 million SUVs and cars in North America to fix steering, rust and floor mat problems.
In the largest of the Ford recalls, the automaker is calling back 915,000 Ford Escape and Mercury Mariner small SUVs to fix a problem with a torque sensor within the steering column. The problem could cause loss of power-assisted steering, making the SUVs more difficult to control and increasing the risk of a crash, Ford said.
Ford fell 0.4% to $16.47 in premarket trading.
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-- Written by Joseph Woelfel
To contact the writer of this article, click here:Joseph Woelfel