Stocks: Looking To Stop The Slide
NEW YORK (CNNMoney) — U.S. stock futures were mixed Friday, following a two-day market sell-off, as investors await a batch of economic data and corporate results.
The Bureau of Labor Statistics will release figures on import and export prices at 8:30 a.m. ET, while reports on consumer sentiment and wholesale inventories are due later in the morning.
The University of Michigan’s preliminary version of its consumer sentiment index for November is expected to come in at 83, according to a survey of analysts by Briefing.com, up from 82.6 last month.
Wholesale inventories for September are expected to have increased by 0.4%.
In corporate news, J.C. Penney will release its quarterly results. The retailer is expected to report a loss of 7 cents a share and $3.3 billion in sales, according to analysts surveyed by Thomson Reuters, as new CEO Ron Johnson continues his attempt to remake the company.
Late Thursday, Kayak announced that it was being purchased by Priceline in a $1.8 billion cash-and-stock deal. Shares of Kayak competitors Expedia and TripAdvisor could be in focus as investors digest the news.
Disney reported earnings in line with analyst expectations but sales of the entertainment company were a bit short of forecasts.
Shares of daily deals site Groupon sank in premarket trading Friday after quarterly results missed expectations.
Following the re-election of President Obama earlier this week, U.S. stocks have fallen sharply as investor have shifted their attention to the looming fiscal cliff, and the potential consequences for the U.S. and global economies if Congress fails to avert it.
On Thursday, the nonpartisan Congressional Budget Office warned that if the fiscal cliff goes into effect for all of next year, it could trigger a drop of 0.5% in real gross domestic product, and that contraction could push unemployment to 9.1% by the end of 2013.
Heading into the trading day Friday, all three major indexes are down more than 2% for the week.
World Markets: European stocks were lower in morning trading. Britain’s FTSE 100 was down 0.3%, the DAX in Germany dropped 0.7% and France’s CAC 40 slipped 0.1%.
Asian markets closed in the red. The Shanghai Composite edged down 0.1%, while the Hang Seng in Hong Kong and Japan’s Nikkei each dropped 0.9%.
Currencies and commodities: The dollar rose against the euro and the British pound but declined versus the Japanese yen.
Oil for December delivery fell 30 cents to $84.79 a barrel.
Gold futures for December delivery edged up $4 to $1,730 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury edged higher, pushing the yield down to 1.59% from 1.63% late Thursday.
By CNNMoney Staff
™ & © 2012 Cable News Network, Inc., a Time Warner Company. All rights reserved.
- Pot cookies and brownies from Colorado land two suspects in jail
- Jefferson City police searching for missing girl possibly in St. Louis
- Two teens attacked mob style on Washington Avenue
- Suspect shot, killed after trying to rob "Check 'n Go" store
- Man hunt: Preacher accused of 59 counts of molesting girls in Minnesota