US stocks: Futures drop, but weekly gain still eyed
New York (Sept 11) US stock futures fell early Friday, but investors still eyed weekly gains as they waited for readings on consumer sentiment and wholesale prices.
S&P 500 futures ESU5, -0.22% dropped by 8.85 points, or 0.5%, to 1,940.75, while those for the Dow Jones Industrial Average YMU5, -0.17% shed 65 points, or 0.4%, to 16,241. Nasdaq 100 NQU5, -0.31% futures lost 26.75 points, or 0.6%, to 4,268.25.
“Today could however be something of a waiting game,” said Tony Cross, a market analyst for Trustnet Direct in London. Investors will take in Friday’s economic indicators, “but in all reality, these prints could end up bringing nothing new to the table in terms of how the respective central banks need to handle monetary policy.”
“Heading into the weekend break, the key question for many will remain just how the Federal Reserve will act next week,” Cross said, in a note dated Friday.
Stocks have made big swings in recent weeks partly due to uncertainty over whether the Fed will raise interest rates on Thursday next week at its two-day policy meeting.
Read more: Former Yellen aide says don’t raise rates next week
On Thursday, the S&P 500 SPX, +0.53% and Dow DJIA, +0.47% both closed 0.5% higher. As of Thursday’s close, the S&P is up 1.6% for the holiday-shortened week, but still down 5.2% for the year.
Other markets: Japan’s stock benchmark finished down 0.2% Friday, giving the Nikkei NIK, -0.19% a weekly gain of 2.7%, while China’s Shanghai Composite SHCOMP, +0.07% ended 0.1% higher and up 1.3% for the week.
European equities SXXP, -0.74% slumped but were on track for a weekly advance. Oil CLV5, -2.35% fell following news that Saudi Arabia won’t back an emergency OPEC meeting. Gold GCZ5, -0.36% also slipped, and the dollar DXY, +0.17% was little changed.
Economic news: A reading on U.S. producer prices is due at 8:30 a.m. Eastern Time, with economists polled by MarketWatch forecasting a 0.2% drop in August. An August figure for consumer sentiment is slated to come at 10 a.m. Eastern, with a reading of 90.3 expected.
Check out: MarketWatch’s Economic Calendar
Movers & shakers: Shares in Kroger Co. KR, +2.91% could make moves as the grocery chain is due to report quarterly results before the opening bell.
Pfizer Inc. PFE, +2.07% shares also could move after a U.K. judge ruled against the drug maker in a closely watched patent case involving its blockbuster drug Lyrica, leaving generic-drug makers free to sell cheap copycats.
Source: MarketWatch
