U.S. stock futures Friday pointed to a higher open ahead of economic reports on retail sales and consumer confidence.
More than two hours before the start of trading, Dow Jones Industrial Average futures were 24 points higher at 10634. The S&P 500 futures advanced 2.6 points to 1148.5 and Nasdaq 100 futures gained 2.75 points to 1925.25. Changes in futures do not always accurately predict early market moves after the opening bell.
Friday's session features two fairly high-profile economic reports, retail sales for February, due at 8:30 a.m., and consumer sentiment for March at 10 a.m. Business inventories for January are also due at 10 a.m.
"The figures are likely to be distorted by the snowstorms and core sales excluding gasoline and autos are expected to slow versus January, but anecdotal retailer evidence suggests that activity may have held up better than feared," said Lena Komileva, head of Group of Seven market economics at Tullett Prebon.
Also on the economic front, President Obama is due to nominate San Francisco Fed President Janet Yellen as vice chairman of the Federal Reserve, according to a Wall Street Journal report. Ms. Yellen has been a strong supporter of Fed Chairman Ben Bernanke's low-interest-rate policy.
The financial sector will be in the spotlight as a court-appointed examiner said demands from J.P. Morgan Chase & Co. and Citigroup for collateral helped to drive Lehman Brothers into bankruptcy. The examiner also detailed a practice at Lehman in which it used repurchase agreements to make it appear that leverage could be moved off a firm's balance sheet.
Among stocks to watch, shares of National Semiconductor rose nearly 2% in premarket trade after the company reported third-quarter profit more than doubled and predicted a 4% to 8% sequential revenue rise.
General market sentiment improved in Europe, despite speculation that China is on the verge of hiking interest rates. As a result, the dollar was driven mostly lower while the euro benefited, especially now that concern about Greece's debt problems appears to have abated. The dollar was at ¥90.83, while the euro was up at $1.3774 and the pound had risen to $1.5154.
Crude oil strengthened amid a dip for the dollar, a broker said. "The dollar's a bit weaker, Brent spreads are weaker," he said. Prices are also being boosted by bullish technical signals, another broker said.
European stocks were higher Friday, supported by better-than-expected euro-zone industrial production figures and strength in the banking sector.
Asian shares ended mixed Friday, with Japanese exporter stocks helping Tokyo extend gains, while Chinese stocks declined on concerns more policy-tightening measures may be forthcoming to ease rising inflation.
On Thursday, U.S. stocks ended higher, led by financials on buyout hopes as well as by a continued advance for firms that are partly owned by the U.S. government. The Dow Jones Industrial Average rose 44 points, the S&P 500 added 4 points and the Nasdaq Composite climbed nine points.
