U.S. stock futures on Friday held near two-week highs ahead of data that is expected to show the fewest jobs lost in 14 months.
S&P 500 futures edged three-tenths of a point lower to 1062.90 while Nasdaq 100 futures rose a half point to 1719.70. Futures on the Dow Jones Industrial Average weakened by a point.
U.S. stocks surged on Thursday after upbeat economic data and positive results from Cisco Systems, sending the Dow Jones Industrial Average back over the 10,000 mark with a 203 point outburst. The S&P 500 rose 20 points and the Nasdaq Composite surged 49 points.
"The banks and retailers were reluctant to rally, which is a red flag and questions the strength of the rally," said Nick Kalivas, a strategist at MF Global. "However, the technology sector found legs and healthcare has found a firmer tone in recent days."
Attention on Friday turns to the Labor Department's 8:30 a.m., EST, release of nonfarm payrolls data for October.
Seasonally adjusted payroll losses are projected to decline from 263,000 in September to just 150,000 in October, which would be the fewest jobs lost since July 2008.
The unemployment rate likely rose by a tenth of a percentage point to 9.9%, which would be the highest in 26 years. Some analysts are predicting a 10% or even a 10.1% jobless rate in October.
Michael Hart, a currency strategist at Citigroup Inc. (C), noted that turning points in payrolls usually ratify market developments rather than lead them.
"Generally, changeovers are associated with rises. However, equity uptrends are usually well in place by the time employment moves into positive territory," he said in a note to clients. "The notable exception to this was in 2002 when equities were declining sharply."
The market may also consider a weekend meeting from the Group of 20 countries in Scotland.
"Ahead of the G20 meeting policy officials appear to be going out of their way to reassure markets that fiscal stimulus packages will remain in place until a sustainable recovery has been assured," said strategists at BNP Paribas (BNPQY).
A weekend vote on healthcare legislation also may be eyed.
Starbucks Corp. (SBUX) rose 3% in Frankfurt as the coffee chain improved its earnings outlook and reported a $150 million fiscal fourth-quarter profit.
The rescued insurance giant American International Group Inc. (AIG) and private-equity group Blackstone Group L.P. (BX) highlight Friday's planned results.
Overseas, Asian stocks rallied, with the Hang Seng climbing 1.6% in Hong Kong, while stocks in Europe hovered around the flat line.
Oil futures moved back above the $80-a-barrel mark, and yields on 10-year Treasury bonds fell 2 basis points to 3.51%.
The dollar was a bit weaker vs. both the yen and the euro.
-By Steve Goldstein;44 2078 429 424; AskNewswires@dowjones.com
DOW JONES NEWSWIRES
Among the companies whose shares are expected to actively trade in Friday's session are Starbucks Corp. (SBUX), CBS Corp. (CBS) and Hansen Natural Corp. (HANS).
Starbucks' fiscal fourth-quarter profit soared as the coffee retailer continued its turnaround and exceeded its targets for cost reductions. That strength led the company to raise its earnings guidance for the new year, saying it now expects per-share growth of 15% to 20% from the 80 cents posted in the latest year, up 2 percentage points. Shares rose 3.9% to $20.47 after hours.
CBS swung to a profit in the third quarter, as its television revenue grew and the company lapped a year-ago write-down of $14.1 billion, in which it slashed the value of its TV and radio stations. Shares fell 3.8% to $12.31 after hours as the earnings figure fell short of analysts' estimate.
Hansen Natural's third-quarter profit rose 7.8% as the all-natural soda and juice maker again posted strong Monster Energy drink sales. Shares fell 8.8% to $33.70 in late trading as results missed expectations.
Coinstar Inc.'s (CSTR) third-quarter profit surged on the sale of the company's entertainment-services business, as revenue growth came in under expectations. Shares fell 6.5% to $29.80 in after-hours trading as the company lowered its full-year revenue target.
Nvidia Corp.'s (NVDA) fiscal third-quarter profit--its second in the past five quarters--jumped 74% on higher margins and an insurance gain in the latest quarter. Shares climbed 6.3% to $13.04 in after-hours trading.
JDS Uniphase Corp.'s (JDSU) fiscal first-quarter loss, its seventh in a row, widened on a steep drop in revenue and slower sales in its communications test and measurement segment. In after-hours trading, shares climbed 4.9% to $6.37 as the results easily topped Wall Street estimates.
VeriSign Inc. (VRSN) swung to a third-quarter profit as it benefited from strength in its core businesses. But shares fell 4.8% to $22.84 in after-hours trading as revenue fell just short of analysts' expectations.
Exide Technologies' (XIDE) fiscal second-quarter loss narrowed on higher margins while revenue continued to slump. Shares rose 2.6% to $7.20 after hours as the battery maker posted a surprise profit excluding charges.
KKR Financial Holdings LLC's (KFN) third-quarter income grew 37% on a drop in interest expense and a gain on investments. Shares gained 6.4% to $5.51 in late trading as the results widely beat expectations.
Watch Lists:
Choice Hotels International Inc.'s (CHH) third-quarter profit dropped 8.7% as the franchiser of Comfort Inn and Econo Lodge hotels posted another decline in revenue per room and royalty fees.
Borders Group Inc. (BGP) said it plans to close about 200 Waldenbooks Stores in January amid its efforts to "right size" the mall retailer. The company also will cut about 1,500 jobs as a result of the store closures, which will not include Border's superstores nor its seasonal mall-kiosk business.
