By Sara Sjolin, MarketWatch
Empire state index, industrial production due premarket
U.S. stock futures pointed to another day of gains for Wall
Street on Friday, with the Dow average heading toward a record
high, as investors wait for fresh manufacturing data.
Futures for the Dow Jones Industrial Average (YMM5) added 42
points, or 0.2%, to 18,242, indicating the blue-chip benchmark
could move up to an all-time closing high. On Thursday, it ended
just 0.2% shy of its record close of 18,288.63, hit March 2.
The S&P 500 index (SPX) managed to ring up a new closing
high on Thursday, and Friday looked set to be an upbeat trading
day, too. Futures for the index (ESM5) traded 4.15 points higher,
or 0.2%, at 2,121.75.
Futures for the Nasdaq 100 index (NQM5) climbed 15 points, or
0.3%, to 4,505.25.
U.S. stocks have been weaving in and out of losses this week, as
bond markets got battered and after a string of mixed data -- in
particular, weaker-than-expected April retail-sales data -- raised
questions about the strength of the U.S. economy. This has spurred
speculation the Federal Reserve will wait to raise interest rates
until later this year, rather than in June, which some market
participants had been forecasting.
Former Fed Vice Chairman Donald Kohn said the debate over
rate-hike timing is focused on a move between September and
December
(http://www.marketwatch.com/story/feds-rate-hike-choice-is-september-or-december-kohn-says-2015-05-14).
Data: Economic data out on Friday will be closely watched with
its implications for the Fed in view. At 8:30 a.m. Eastern Time,
the Empire State manufacturing index is due, forecast to improve to
5.5 in May from negative 1.2 in April
(http://www.marketwatch.com/story/empire-state-index-drops-to-negative-12-in-april-lowest-since-december-2015-04-15).
At 9:15 a.m. Eastern, industrial production and capacity
utilization -- both for April -- are scheduled for release. The
University of Michigan reading on consumer sentiment comes out at
10 a.m. Eastern, and is predicted to show a pullback in May from
95.9 in April
(http://www.marketwatch.com/story/as-consumer-sentiment-perks-up-the-question-of-spending-looms-2015-05-01).
"Gasoline prices have risen in recent weeks, while equity-market
volatility has picked up as stock prices have declined. Both
factors suggest that sentiment may slip in May from the strong
April reading," analysts at Barclays said in a note.
There were no Federal Reserve speakers on the calendar
Friday.
Movers and shakers: Shares of Netflix Inc. (NFLX) rose 1% in
thin premarket trade after reports the entertainment-streaming
service is in talks with a Chinese media company to enter China's
online-video market
(http://www.bloomberg.com/news/articles/2015-05-15/netflix-said-in-talks-to-enter-china-with-jack-ma-backed-wasu).
Shares of Nordstrom Inc.(JWN) could be active after the retailer
reported earnings late Thursday that fell short of analysts'
estimates.
Symantec Corp.(SYMC) shares may also move after the security
software company's earnings, released Thursday, missed forecasts
(http://www.marketwatch.com/story/symantec-shares-slip-after-earnings-miss-weak-outlook-2015-05-14).
Other markets: European stock markets rose almost across the
board (http://www.marketwatch.com/storyno-meta-for-guid), building
on gains from Thursday when European Central Bank's president,
Mario Draghi, underlined the bank's commitment to stimulus
efforts.
In Asia, Hong Kong's Hang Seng Index closed 2%, boosted by talk
that a stock-connect program between Hong Kong and Shenzhen will be
announced as soon as this weekend.
Oil (CLM5) and most metals declined, while the ICE dollar index
(DXY) moved a leg higher to trim its weekly loss to 1.1%.
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