U.S. stocks were poised for a lower open Friday amid uncertainty
about a Greek bailout deal, but they remained on track for weekly
gains.
S&P 500 futures fell seven points, or 0.3%, to 2094. E-mini
Dow futures slipped 56 points, or 0.3%, to 17906. E-mini Nasdaq-100
futures lost 21 points, or 0.5%, to 4464. Changes in stock futures
don't always accurately predict moves in the stock market after the
opening bell.
Greek stocks tumbled 4.4%. The Athens stock market had closed
before the International Monetary Fund said Thursday it had stopped
negotiations with Greece due to a lack of progress. German
Chancellor Angela Merkel on Friday called on all parties to return
to the negotiating table. Germany's DAX fell 1% and France's CAC
slipped 1.1%.
"There's a confluence of headlines coming out of Greece, and
it's really tough to make heads or tails of it," said John Brady,
managing director at futures brokerage R.J. O'Brien. He said the
uncertainty weighed on stock futures.
Stocks rose slightly Thursday, with the Dow Jones Industrial
Average adding 0.2% to 18039.37. The blue-chip index's two-day gain
was its biggest since May 8. The S&P 500 rose 0.2% to
2108.86.
The Dow industrials are on track to rise for the week, up 1.1%
through Thursday's close. The S&P has added 0.8% and the Nasdaq
has advanced 0.3% in the same period. This week marks a departure
from recent ones, in which the Nasdaq's gains have outpaced those
of the Dow and S&P. For the year, the Dow has advanced 1.2% and
the S&P has risen 2.4%, while the Nasdaq has rallied 7.3%.
Investors will receive a reading on inflation in May at 8:30
a.m. ET. The producer-price index is expected to rise 0.4% in May,
according to economists surveyed by The Wall Street Journal.
Excluding the volatile food and energy categories, prices are
expected to advance 0.1%.
The heightened focus on economic reports comes as investors
gauge whether U.S. economic growth is strong enough for the Federal
Reserve to raise interest rates later in the year. Recent upbeat
data, including robust retail sales in May, have bolstered
expectations the Fed will increase rates as early as September.
The yield on the 10-year Treasury note was at 2.380%, compared
with 2.383% on Thursday. Yields fall as prices rise.
In commodity markets, gold futures were nearly flat at $1180.60
an ounce. Crude-oil futures fell 1.3% to $60.01 a barrel.
Twitter Inc. shares rose 3.2% in premarket trade. The company
said late Thursday Dick Costolo would step down as chief
executive.
Write to Saumya Vaishampayan at saumya.vaishampayan@wsj.com
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