U.S. stock futures were slightly higher Friday, but the threat of profit-taking remained as investors eyed the recent rally.
Less than two hours before the start of trading, Dow Jones Industrial Average futures were six points higher at 9745. The S&P 500 futures added 1.3 points to 1064.1 and Nasdaq 100 futures gained two points to 1722. Changes in futures do not always accurately predict early market moves after the opening bell.
Thursday, U.S. stocks saw modest declines, with the Dow Jones Industrial Average falling 8 points, the S&P 500 falling 3 points and the Nasdaq Composite retreating 6 points. But the week to date has seen the S&P 500 advance over 2%.
With little on Friday's economic calendar, some traders may take profits ahead of next week's interest-rate decision from the Federal Reserve.
"Reduced data/event risk lies ahead today and means price action is likely to be fairly static as dealers square up ahead of the Fed FOMC meeting and $112 billion in Treasury supply next week," said Kenneth Broux, an economist at Lloyds TSB Corporate Markets.
Nick Kalivas, an analyst at MF Global in Chicago, pointed out that Toll Brothers chief executive Robert Toll has been a big seller of stock this week, which Mr. Kalivas said brings into question the strength of the recovery in housing and homebuilding stock valuation. Toll's chief financial officer Joel Rassman was quoted by The Wall Street Journal as saying the sales were to diversify the CEO's personal investments.
Palm shares could come under pressure after the company disclosed that the release of the Pre device wasn't enough to pull the company into profitability. Palm lost $164.5 million in the most recent quarter.
Overseas, the Nikkei 225 dropped 0.7% in Tokyo and the German DAX slipped 0.2% as profit-taking weighed European shares.
Crude-oil futures fell 69 cents to $71.78 a barrel, while the dollar index rose 0.4% as the greenback rose against both the Japanese yen and the euro.
