MW: U.S. stocks set to open higher, adding to weekly gain
U.S. stock futures on Friday pointed to a small step higher at the open, keeping the main benchmarks on track to score its seventh weekly gain in eight weeks.
The stock market is due to digest a speech from St. Louis Fed President James Bullard, as well as earnings from Foot Locker Inc. FL, +8.71% and Abercrombie & Fitch Co. ANF, -1.32%
S&P 500 futures ESZ5, +0.25% rose by 5.3 points, or 0.3%, to 2,084.50, while those for the Dow Jones Industrial Average YMZ5, +0.36% added 62 points, or 0.4%, to 17,769. Nasdaq 100 futures NQZ5, +0.23% tacked on 10.25 points, or 0.2%, to 4,670.50.
The Dow DJIA, -0.02% is on pace for a weekly gain of 2.8%, as of Thursday’s close. Much of that advance came Wednesday, when the blue-chip gauge rose 248 points as the Federal Reserve signaled the U.S. economy is ready to handle an interest-rate hike next month.
The stock market finished little changed on Thursday. The S&P 500 SPX, -0.11% is up 2.9% for the week, as of Thursday’s close, while the Nasdaq Composite COMP, -0.03% has climbed 3%.
Other markets: European stocks SXXP, +0.21% were mixed but on track for a weekly gain as European Central Bank President Mario Draghi said the ECB will do what it must to lift inflation. Asian equities ADOW, +0.53% closed higher, with Australian shares logging their best week in more than a month. Oil futures CLZ5, -1.38% and gold futures GCZ5, +0.67% both advanced, while a key dollar index DXY, +0.35% edged higher. Oil could make moves around 1 p.m. Eastern Time, when a reading on rig counts is due.
Economic news: Fed official Bullard is slated to give a speech on the economy and monetary policy at 9 a.m. Eastern Time in Fort Smith, Ark.
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Individual movers: Shares in Gap Inc. GPS, -1.18% look poised for a down day after the clothing retailer late Thursday cut its profit guidance for the year as quarterly sales fell more than expected.
Intuit Inc. INTU, +0.83% was up 12% in premarket trading after the software maker’s quarterly results topped forecasts late Thursday.
Foot Locker Inc. FL, +8.71% beat profit and sales estimates, though shares were dipping in premarket trade. Abercrombie & Fitch Co. ANF, -1.32% is also due to report results before the market’s open.