NEW YORK (TheStreet) -- Stock futures suggested Friday that markets would give back some of the gains achieved over the past two trading sessions after core producer prices remained weak in May.
S&P 500 futures were down 0.4%, Dow Jones Industrial Average futures slid 0.35%, and Nasdaq futures declined 0.5%.
Core producer prices, stripping out volatile items such as gas, dropped 0.1% in May after dipping 0.2% in April. Forecasts were for a slight increase of 0.1%. The headline number which includes food and energy prices rose 0.5% in May, led by an increase in gas prices and eggs.
"This report essentially confirms that the dis-inflationary impulse in headline prices, which has been brought about by the collapse in energy prices, is beginning to abate as crude prices shift higher," said TD Securities' Millan Mulraine. "Nevertheless, with the core PPI indicator continuing to be subdued it suggests that underlying inflationary pressures remain weak."
The majority of sectors joined in on slight gains on Thursday after retail sales for May showed U.S. consumers had begun to spend again, proof that first-quarter economic weakness was merely transitory. Click here for more.
Germany is planning for the possibility of a Greek exit from the euro, according to a German tabloid, after technical talks between the debt-ravaged nation and the International Monetary Fund broke down on Thursday. Germany is reportedly taking precautionary preparations such as capital controls in case of a default.
Twitter (TWTR) shot up in premarket trading Friday on news CEO Dick Costolo has stepped down as CEO with Chairman Jack Dorsey to act as CEO on an interim basis. The change will take effect July 1. Shares were up 7.3%.
Bojangles (BOJA) shares were on watch after the restaurant chain reported a better-than-expected first quarter. The company earned 17 cents a share, 2 cents higher than expected, while revenue jumped 19.2% from a year earlier.
Dish Network (DISH) is reportedly talking to banks about funding an offer to acquire T-Mobile (TMUS), according to The Wall Street Journal. Dish would likely take on borrowings worth $10 billion to $15 billion to fund the acquisition. No agreement between the two companies has been made yet.
BlackBerry (BBRY) is reportedly considering a phone to run on Google's Android system, according to Reuters. If launched, it would mark the first phone to use the Android system instead of BlackBerry's own operating system.
Wingstop (WING) shares are due to begin trading on the Nasdaq later Friday morning. The wings restaurant priced its float of 5.8 million shares at $19 a share, far higher than expectations of $12 to $14.