Stock futures edge
higher; new home sales data on tap
Send a link to a friend
[May 23, 2014]
By Chuck Mikolajczak
NEW YORK (Reuters) - U.S.
stock index futures inched higher on Friday, ahead of
data on the housing market, with the S&P 500 on track to
score its first weekly gain in the past three.
New home sales data for April is due at 10:00 a.m. (1400 GMT).
Expectations call for sales of single-family homes to climb to
425,000 units from the seasonally adjusted annual rate of 384,000
units in the prior month.
The S&P 500 ended higher for a second session on Thursday, as gains
in small-cap stocks help buoy investor confidence, while the Nasdaq
climbed on a rally in biotech shares. The benchmark S&P index has
climbed in four of the past five trading days and is up 0.8 percent
for the week.
The S&P is 0.5 percent from its record intraday high of 1,902.17 set
on May 13 and 0.3 percent from its record closing high of 1,897.45
set on the same day. The index has been range-bound between the
highs and its 50-day moving average as investors have been unsure of
the pace of the economic recovery.
Volume is expected to be light Friday ahead of an extended holiday
weekend, with Wall Street closed Monday for Memorial Day.
S&P 500 e-mini futures rose 1.75 points and were slightly above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the contract.
Dow Jones industrial average e-mini futures gained 12 points and
Nasdaq 100 e-mini futures added 5.25 points.
Hewlett-Packard Co <HPQ.N> dipped 0.4 percent $31.64 in premarket
after it reported quarterly results and said it may cut as many as
16,000 more jobs in a major ramp-up of CEO Meg Whitman's years-long
effort to turn around the personal computer maker and relieve
pressure on its profit margins.
[to top of second column]
Aeropostale <ARO.N> tumbled 16.8 percent to $3.76 before the opening
bell after the teen apparel retailer forecast a bigger-than-expected
loss for the current quarter.
European shares edged lower, moving further away from last week's
six-year highs with investors trading cautiously ahead of European
and Ukrainian election results. <.EU>
Asian shares edged up to one-year highs on Friday as investors
welcomed signs of improving momentum in the world's biggest
(Editing by Bernadette Baum)
[© 2014 Thomson Reuters. All rights
Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.