Stock futures slightly higher ahead of consumer spending data

[June 30, 2017]  By Ankur Banerjee

(Reuters) - U.S. stock index futures were slightly higher on Friday, a day after Wall Street fell sharply, as investors awaited a slew of economic data, including on consumer spending, a key indicator for U.S. economy.

The S&P 500 and the Dow industrials slipped to their worst daily percentage drop in about six weeks on Thursday as a recent decline in technology shares deepened and outweighed strength in bank shares.

Tech stocks, which have led the S&P 500's 8-percent gain this year, pulled back recently as some investors questioned the sector's high valuations.

With the second quarter at an end, the market has witnessed a few volatile days. On Wednesday, the tech-heavy Nasdaq posted its best day since Nov. 7.

Crude oil futures on Friday were on track for their biggest weekly gain since mid-May, ending five weeks of losses with prices underpinned by a decline in U.S. output. [O/R]The euro came off yearly highs on Friday but was still set for its strongest quarter in six years as investors piled into the currency on a brightening euro zone economy and its implications for monetary policy in the bloc.
 

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., June 27, 2017. REUTERS/Lucas Jackson

The U.S. Commerce Department is likely to show a 0.3 percent rise in personal income, while consumer spending for May is estimated to have increased at a slower pace of 0.1 percent, after a 0.4 percent jump in April. The data is due at 8:30 a.m. ET (1230 GMT)

The final reading of University Of Michigan Surveys Of Consumers Sentiment for June is due at 10:00 a.m. ET (1400 GMT)

Nike shares were up 6 percent after the world's largest footwear maker said on Thursday it would launch a pilot program with Amazon.com Inc  to sell a limited product assortment on its website.

Shares of Cara Therapeutics Inc plunged 29 percent after the biotech reported disappointing pain treatment data from a key study.

(Reporting by Ankur Banerjee in Bengaluru; Editing by Arun Koyyur)

[© 2017 Thomson Reuters. All rights reserved.]

Copyright 2017 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.