On Air Now

Listen

Listen Live Now » 92.9 FM Lansing, Michigan

Weather

Current Conditions(Holt,MI 48842)

More Weather »
51° Feels Like: 51°
Wind: SSW 0 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Partly Cloudy 77°

Tonight

Thundershowers 65°

Tomorrow

Thundershowers 82°

Alerts

U.S. futures imply weak open, S&P on track for down week

By Ryan Vlastelica

NEW YORK (Reuters) - U.S. stock index futures pointed to a slightly lower on Friday as some positive corporate news supported markets, though ongoing violence in Iraq gave investors pause.

* While both the Dow and S&P hit record highs this week, Wall Street has lately been pressured by concerns of slowing global growth and violence in Iraq, which has taken oil prices to their highest since September. The Dow and S&P 500 are on track for their first weekly decline after three consecutive weeks of gains.

* The S&P has fallen for three straight days, its longest streak of declines since early April. However, it has dropped just 1.1 percent over that period, and many view the market's recent trend upward as intact.

* Intel Corp shares jumped 4.7 percent to $29.27 in heavy premarket trading a day after the Dow component raised its full-year revenue outlook, citing stronger-than-expected demand for personal computers used by businesses.

* OpenTable Inc jumped 46 percent to $103.10 in heavy premarket trading after Priceline Group Inc said it would buy the company for $2.6 billion. Priceline shares rose 0.7 percent to $1,235 before the bell. Among other Internet names, Yelp Inc jumped 11 percent to $73.01 and GrubHub Inc rose 7.7 percent to $36.25.

* S&P 500 futures fell 2.5 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 27 points and Nasdaq 100 futures slid 1.5 points. * For the week, the Dow is down 1.1 percent, the S&P is down 1 percent, and the Nasdaq is down 0.6 percent. The Dow and S&P have risen for three straight weeks; Nasdaq has risen for four.

* The CBOE Volatility index is up 10.2 percent on the week, its first weekly rise following eight weeks of declines. Despite the spike, the so-called 'fear index' remains well below its historical average.

* Oil rose 0.2 percent to $106.78 per barrel. While the price of oil has spiked 2.3 percent over the past three days, most analysts said it would need to be sharply above $115 per barrel for a protracted period before it becomes a major headwind to economic growth. Still, energy companies may attract more action as prices fluctuate.

* In Iraq, Islamist rebel fighters captured two more towns overnight as they moved toward Baghdad. U.S. President Barack Obama responded by threatening military strikes, adding to the market's geopolitical concern; selling accelerated on Thursday after his comments.

* Finisar Corp plunged 22 percent to $19.74 in premarket trading a day after forecasting weaker-than-expected earnings, citing higher capital expenditure in China.

(Editing by Bernadette Baum and Nick Zieminski)

Comments