Stock futures point to mixed opening

[October 23, 2009]  WASHINGTON (AP) -- Stock futures headed toward a mixed open Friday, as investors looked to another round of earnings reports and the latest data on the housing market.

Overseas markets rose following the U.S. market's advance a day earlier.

Traders were heartened by stronger profits and upbeat outlooks from companies seen as bellwethers of consumer demand in an economy emerging from recession. A German business sentiment index also showed confidence rose for a seventh consecutive month in October as Europe's largest economy showed more signs of recovery.

More earnings data, including from Microsoft Corp., and a report on existing home sales are expected to provide further direction for the market.

Whirlpool Corp. reported that its third-quarter profit fell 47 percent as the world's biggest home appliance maker continued to slash costs to combat slumping demand for its big-ticket items.

Analysts say investors need to see continued evidence that consumer spending is picking up before the market can sustain a steady rebound.

A report on September home sales data could provide additional insight to the market's direction. With homebuyers rushing to complete their purchases before a tax credit for first-time owners expires, a National Association of Realtors report is expected to show strong September sales.

Home resales are expected to show an almost 5 percent increase to a seasonally adjusted annual rate of 5.35 million, up from 5.1 million in August, according to economists polled by Thomson Reuters.

If the report, which is due out at 10 a.m. EDT, meets forecasts it would be the best month for home sales in more than two years.

Ahead of the opening bell, Dow Jones industrial average futures declined 4, or less than 0.1 percent, to 10,034. Standard & Poor's 500 index futures fell 0.60, or 0.1 percent, to 1,090.20, while Nasdaq 100 index futures rose 1.50, or 0.1 percent, to 1,764.00.

Stocks posted big gains Thursday, sending the Dow up 132 points. Investors snapped up financial shares after several banks said they weren't seeing as many loans go bad. The market also extended its gains after Wal-Mart Stores Inc. said it expects sales to grow this year and increase at a faster pace next year.

Meanwhile, bond prices dipped Friday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.45 percent from 3.42 percent late Thursday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.05 percent from 0.04 percent late Thursday.

The dollar rose against other major currencies, while gold prices also fell.

Overseas, Japan's Nikkei stock average rose 0.2 percent. In afternoon trading, Britain's FTSE 100 climbed 1.1 percent, Germany's DAX index rose 1 percent, and France's CAC-40 edged up 0.9 percent.

[Associated Press; By IEVA M. AUGSTUMS]

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