By Barbara Kollmeyer, MarketWatch
Oil prices recover some from a drubbing
MADRID (MarketWatch) -- In a week that is likely to finish with
modest gains for Wall Street, stock futures struggled Friday, ahead
of economic-growth and consumer sentiment data, and Federal Reserve
speakers who could give clues to the next rate hike.
Futures for the Dow Jones Industrial Average (DJH5) eased 7
points to 18,190, while those for the S&P 500 index (SPH5) were
down 3.2 points to 2,106.70. Futures for the Nasdaq-100 (NDH5)
slipped 5.5 points to 4,456.25.
Wall Street nabbed more record highs on Thursday, though the
S&P 500 (SPX) closed off 0.2%, weighed by losses for energy
stocks as oil prices fell out of bed again. The index is flat on a
week-to-date basis, but has gained 5.8% on the month.
Read: S&P 500 weighed by energy sector; Russell 2000 ends at
record
(http://www.marketwatch.com/story/us-stocks-wall-street-trades-sideways-ahead-of-cpi-durable-goods-data-2015-02-26)
More-impressive February gains have come from the Nasdaq
Composite (RIXF), up 7.6% for the month. The index closed Thursday
up 0.4% to 4,987.89, a handful of points from 5,000. The Russell
2000 (RUT) outperformed large caps as well, with a 0.3% gain,
another record close for the year.
Wall Street could be inspired to move by a batch of economic
data that will start rolling in around 8:30 a.m. Eastern Time, when
a revision to fourth-quarter gross domestic product hits the tape.
Then at 9:45 a.m. Eastern, the Chicago Purchasing Managers Index
for February will be released, followed by February
consumer-sentiment data at 9:55 a.m. Eastern. At 10 a.m. Eastern,
pending-home sales for January are due.
William Dudley, the president of the New York Fed, and Cleveland
Fed President Loretta Mester will both speak at 11 a.m. Eastern
Time. Fed Vice Chairman Stanley Fischer will speak at 1:30 p.m.
Eastern.
Oil prices recover: A sharp drop in crude prices on Thursday was
unwinding as both WTI (CLJ5) and Brent crude gained more than 2%,
which could lend support to energy names later.
Read: There is more to oil's plunge than record-high supplies
(http://www.marketwatch.com/story/theres-more-to-oils-thursday-plunge-than-record-high-supplies-2015-02-26)
However, futures weren't taking too much comfort from that gain,
as Baker Hughes will publish new drilling-activity data later.
Analysts said that could weigh on WTI further, if it shows the
decline in the U.S. oil-rig count hasn't picked up the pace.
The dollar held on to gains after the U.S. Dollar Index (DXY)
hit levels not seen since 2003 on Thursday. European stocks were
also in negative territory, while property shares dragged Hong Kong
stocks lower.
Stocks to watch: Shares of Apple Inc.(AAPL) could grab some
attention after Ericsson AB said it would sue the tech giant for
infringing on 41 patents
(http://www.marketwatch.com/story/ericsson-sues-apple-for-infringing-41-patents-2015-02-27)
it says are crucial to the functionality of Apple's devices.
Apple said Thursday that it will hold an event on March 9, and
the company hinted that it will be related to the launch of its
Apple Watch, as the invitation said "Spring Forward," The Wall
Street Journal reported
(http://blogs.wsj.com/digits/2015/02/26/apple-plans-special-event-on-march-9-likely-for-smartwatch/).
(http://blogs.wsj.com/digits/2015/02/26/apple-plans-special-event-on-march-9-likely-for-smartwatch/)
(http://blogs.wsj.com/digits/2015/02/26/apple-plans-special-event-on-march-9-likely-for-smartwatch/)J.C.
Penney Co. Inc.(JCP) slid 11% in premarket after the retailer
posted a surprise fourth-quarter loss
(http://www.marketwatch.com/story/jc-penney-shares-tumble-after-company-posts-quarterly-loss-2015-02-26).
Gap Inc.(GPS) shares could gain after the retailer announced
buybacks and a dividend increase late Thursday
(http://www.marketwatch.com/story/gap-shares-rise-after-fourth-quarter-profit-beats-estimates-2015-02-26).
(http://www.marketwatch.com/story/gap-shares-rise-after-fourth-quarter-profit-beats-estimates-2015-02-26)
(http://www.marketwatch.com/story/gap-shares-rise-after-fourth-quarter-profit-beats-estimates-2015-02-26)Later
Friday, Berkshire Hathaway Inc.(BRKA) (BRK/A) will release
results.
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