By Victor Reklaitis and Carla Mozee, MarketWatch
NEW YORK (MarketWatch) -- U.S. stock futures pointed to a lower
open for the stock market on Friday ahead of Federal Reserve
Chairwoman Janet Yellen taking center stage at a high-profile
gathering of the world's central bankers.
Futures for the S&P 500 index (SPU4) shed 2.70 points, or
0.1%, to 1,986.90, while those for the Dow Jones Industrial Average
(DJU4) were off 12 points, or 0.1%, at 17,004. Nasdaq 100 (NDU4)
futures edged down by 1.25 points to 4,046.25.
But barring a Friday shakeup, the three main indexes are on
track to log weekly advances. Thursday's session ended with the
S&P 500 (SPX) marking its 28th record close this year, the Dow
finishing above 17,000 for the first time since July 24 and the
Nasdaq Composite (RIXF)ending at its highest level since March 31,
2000. Each index is on a four-day winning streak, with the S&P
500 up 1.9% as of Thursday's close, the Dow up 2.3% and the Nasdaq
up 1.5%.
Dovish comments expected in Jackson Hole: Yellen, at her speech
at the annual gathering of central bankers in Jackson Hole, Wyo.,
is expected to focus on the labor market and sound dovish. Her
remarks are slated to begin at 10 a.m. Eastern. Yellen has
previously outlined the lineup of indicators she's watching to
gauge the health of the labor market, including wages and the
number of people working part time who want to work full-time.
The "hawkish noises coming out of the recent [Fed] meeting
minutes will add extra spice to what Yellen has to say," said
Richard Perry, market analyst at Hantec Markets, in a Friday note.
"It would be surprising if she did anything other than hold a
steady ship and that the Fed will maintain an accommodative
monetary policy for a considerable period of time."
Minutes of the Fed's meeting in July, released this week, showed
senior officials are becoming increasingly divided on how fast the
labor market is improving. But many Fed policy makers believe more
improvement is needed before they begin raising interest rates.
Several regional Fed presidents, including San Francisco Fed
President John Williams and St. Louis Fed President James Bullard,
are also offering their own views on the central bank's policies.
Bullard said there is some slack in the labor market, but it's not
significant. Also set to speak Friday is European Central Bank
President Mario Draghi at 2:30 p.m. Eastern. Beyond the central
bankers talking, there are no major U.S. economic reports on
Friday's schedule.
Stocks to watch: Women's apparel retailer Ann Inc. (ANN) posted
second-quarter earnings and sales that topped analysts
expectations, but offered muted third-quarter guidance. Shares fell
3.3% premarket.
Aéropostale Inc. (ARO) shares dropped 8.7% before the bell after
the clothing retailer's forecast a wider-than-expected loss for the
fiscal third quarter.
Apple Inc. (AAPL) shares shed 0.3% before the regular session.
The company's suppliers are struggling to get enough screens ready
for the launch of the bigger-screened iPhone 6 next month,
according to a report by Reuters, citing unnamed sources.
On the upside, Foot Locker Inc. (FL) shares jumped 4.2%
premarket after the athletic shoe retailer's second-quarter results
came in better than Wall Street anticipated.
Ross Stores Inc. (ROST) gained 3.8% before the bell as
second-quarter earnings at the discounter rose 12%. Ross also
raised its full-year earnings projection.
GameStop Corp. (GME) shares climbed 3.5% premarket after the
videogame retailer's third-quarter earnings forecast outpaced
estimates.
(Read more about the day's big movers here
http://www.marketwatch.com/story/gamestop-soars-aeropostale-sinks-foot-locker-reports-earnings-friday-2014-08-21.)
Other markets: Oil futures (CLV4) slipped and gold futures
(GCZ4) edged up. In Asia overnight, Japan's Nikkei Average broke a
nine-session winning streak, and in Europe, the Stoxx 600 was
modestly lower.
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