LONDON (MarketWatch) — U.S. stock futures leaned lower Friday as traders held off extending the prior session’s rally before the release of data on personal income and inflation.
S&P 500 futures slipped 2.1 points to 914.80 and Nasdaq 100 futures fell 2.75 points to 1,470.20. Futures on the Dow Jones Industrial Average fell 18 points.
U.S. stocks climbed on Thursday in a broad market rally which saw consumer and industrial stocks advance. Lennar rallied as the loss-making builder reported a 63% improvement in orders, while the Federal Reserve trimmed the size and changed the terms of some of its liquidity programs, citing improving financial conditions.
The Dow Jones Industrial Average rose 172 points, the S&P 500 rose 19 points and the Nasdaq Composite climbed 37 points.
Friday’s session features income, spending and inflation data for May, as well as a second reading of the University of Michigan’s consumer confidence gauge for June.
Dallas Fed President Richard Fisher will be speaking on the U.S. economic outlook in the afternoon.
Government bonds and the dollar were weaker on Friday, with the euro up 0.6% to $1.4082, while yields on 10-year Treasury notes rose 4 basis points to 3.58%.
Yields move in the opposite direction to prices.
Crude oil futures rose 91 cents to $71.14 a barrel, and gold futures rose over $6 an ounce.
“Although we think that the latest oil price increase to over $70 a barrel is not justified by current fundamentals, it cannot be ignored that the oil market has improved,” said analysts at Commerzbank.
Of companies in the spotlight, Palm may rise after the company said it would be cash-flow positive by the end of the calendar year. Its loss in the quarter ending May 29, a period which didn’t include sales of the popular Pre phone, wasn’t as steep as analysts had forecast.
“Palm put up a better quarter than expected as it tightened its belt ahead of the launch of the Pre and saw solid shipments of legacy products,” said Matthew Sheerin, an analyst at Thomas Weisel Partners with a market weight rating. “From our initial checks as well as proprietary use/purchase of the Pre, we believe the launch has gone relatively well to date.”
Boeing lost an order from Australia’s Qantas for 15 Dreamliner planes, with the airline deferring orders for another 15 of the planes that have yet to fly.
On the financial front, UBS sold $3.5 billion worth of shares and warned of a second-quarter loss.
Citigroup was ordered to halt some operations in Japan.
Oil and commodity plays helped lift Asia stocks, with the Nikkei 225 up 0.8% in Tokyo and the S&P/ASX 200 up 1.2% in Australia.
Banks helped Europe stocks rise, with the Dow Jones Stoxx 600 up 0.5%.
Indications: U.S. stocks futures lower ahead of income data
Hot News: Currencies: Dollar slips against euro, pound; steady vs. yen