By Anora Mahmudova and Sara Sjolin, MarketWatch
Apple slips as Apple Watch preorders go live
NEW YORK (MarketWatch) -- U.S. stock futures were higher on
Friday while the main benchmarks were on track to book modest
weekly gains.
Investors welcomed news of General Electric's comprehensive
restructuring plan, including a sale of the bulk of its financial
business and a hefty stock repurchase initiative.
Earlier in the premarket session, futures indexes traded with
small losses, ahead of a Jeffrey Lacker speech that could shed more
light on the Federal Reserve's timing of the first rate hike.
Apple was also in the spotlight as the tech giant kicked off
preorders of its Apple Watch.
A 7% premarket gain for General Electric Co. (GE) helped send
the benchmarks higher, after the conglomerate said it would sell
the bulk of GE Capital and launch a $50 billion stock buyback.
Futures for the Dow Jones Industrial Average (YMM5) rose 23
points, or 0.1%, to 17,910, while those for the S&P 500 index
(ESM5) added 2.3 points, or roughly 0.1%, to 2,087. Futures for the
Nasdaq-100 index (NQM5) were basically flitting between loses and
gains at 4,398.
U.S. stocks were on track to close out the week in positive
territory, even after a volatile week with a mixed message from the
Fed
(http://www.marketwatch.com/story/several-on-fed-favored-june-rate-increase-minutes-2015-04-08),
the unofficial kickoff
(http://www.marketwatch.com/story/investors-boo-alcoa-but-most-analysts-remain-cheerful-2015-04-09)
of the earnings season and M&A optimism
(http://www.marketwatch.com/story/whos-the-next-target-for-oil-ma-after-the-shell-bg-deal-2015-04-08)
pulling the market in different directions.
Lacker speech: Capping off the choppy week, the Fed and its
rate-hike consideration remain on the forefront of investors'
minds. Richmond Fed President Jeffrey Lacker, who is a voting
member of the Federal Open Market Committee this year, will give a
speech on the economic outlook in Sarasota, Fla., at 8:45 a.m.
Eastern Time and investors will closely be watching for hints as to
when the central bank might start to tighten policy.
Lacker, who is considered one of the most hawkish members of the
Fed, said in late March that he sees a "strong" case for a rate
hike in June
(http://www.marketwatch.com/story/feds-lacker-sees-strong-case-for-june-rate-hike-2015-03-31).
However, that was before the nonfarm payrolls report for March
significantly missed expectations
(http://www.marketwatch.com/story/us-jobs-growth-in-march-slumps-to-15-month-low-2015-04-03),
leaving investors to watch for cues if Lacker's liftoff mood has
shifted.
The minutes from the Fed's March meeting -- also held before the
disappointing jobs report -- showed several central bank officials
thought June had was an appropriate
(http://www.marketwatch.com/story/several-on-fed-favored-june-rate-increase-minutes-2015-04-08)
time for a rate hike.
Minneapolis Fed President Narayana Kocherlakota -- a non-voter
this year -- is due to speak at the Minnesota Credit Union annual
meeting in Bloomington, Minn., at 12:20 p.m. Eastern.
The ICE dollar index (DXY) pitched 0.4% higher
(http://www.marketwatch.com/storyno-meta-for-guid) to 99.59 ahead
of the speeches, closing in on the 100-mark and reaching the
highest level in three weeks.
Stocks to watch: Shares of Apple Inc.(AAPL) fell 0.5% ahead of
the bell as the company kicked off its online preorder period
(http://www.marketwatch.com/story/how-to-buy-an-apple-watch-2015-04-09)
for the Apple Watch. Starting on April 24, the watch will also be
available at stores in big cities including Colette in Paris, Dover
Street Market in London, Tokyo, Maxfield in Los Angeles and The
Corner in Berlin.
Shares of Citrix Systems Inc.(CTXS) fell 5.7% after the software
company late Thursday lowered its first-quarter profit and sales
outlook.
Ruby Tuesday Inc.(RT) shares rallied 4.7% after the restaurant
chain late Thursday said sales for the fiscal fourth quarter and
full-year same-restaurant sales were likely to be flat or to
decline 1%
(http://www.marketwatch.com/story/ruby-tuesday-shares-up-after-company-narrows-quarterly-loss-2015-04-09).
For more on today's notable movers read Movers & Shakers
column
(http://www.marketwatch.com/story/apple-likely-in-spotlight-as-watch-preorder-kicks-off-2015-04-09).
Other markets: European stocks continued their march higher
(http://www.marketwatch.com/storyno-meta-for-guid), with the Stoxx
Europe 600 and Germany's DAX 30 index on track for record closing
highs.
Japan's Nikkei 225 index briefly rose above 20,000, but closed
almost 100 points shy of the milestone
(http://www.marketwatch.com/storyno-meta-for-guid).
Gold prices (GCM5) rose, while crude oil (CLK5) declined
(http://www.marketwatch.com/storyno-meta-for-guid).
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