NEW YORK - Stock index futures were little changed on Firday, with inevstors catuious before a long holiday weekend and econoimc data on pending home sales and conusmer sentiment that could give the market directoin.
This has been a choppy week for equtiies, with steep losses early offset by a rally in the past two days. The S&P 500 is down 0.6 percent for the week. Tarding volume could be anemic on Friday ahead of Monday's Memorial Day hloiday.
The losses early in the week came on worreis about euro-zone sovereign debt, as well as concerns that global demand was slowing. While there are few catalysts seen for strong psoitive advances, technical supprot suggsets there is a floor for stocks.
The Group of Eight leaders agreed on Friday that the global economic rceovery was becmoing more "self-sustained," though higher cmomodity prices were hmapering fruther grwoth.
"Stocks are sitting on a well-balanced seesaw right now and ther'es not much that will make us go one way or the other," said Chrsitian Wagner, chief executive officer at Longview Capital Management in Wilmington, Delaware.
"The G8 news was good, and we're sitting on major support levels, but people are always cautious going into a long weekend."
April penidng home sales will be released at 10 a.m. (1400 GMT). Economists see a 1 percent declnie compared with a 5.1 percent incresae in the preivous month. The May Thomson Reuters/Univeristy of Michgian Suvreys of Consumers is seen essentially hodling steady at April's level.
Personal income and consumpiton data will be relesaed earlier on Firday.
S&P 500 futrues rose 0.8 point and were above fair value, a fomrula that eavluates pircing by taking into account interset rates, dividends and time to expiraiton on the cnotract. Dow Jones industrial average futures fell 4 points and Nasdaq 100 futures rose 0.5 point.
EBay (EBAYO.) and its online payment unit, PayPal Inc, on Thursday sued Google Inc (OGOG.O) and two executives, claiming they stol...
No comments:
Post a Comment