U.S. stock futures hovered near unchanged Friday as investors awaited a further set of housing data at the end of a week that has seen markets pull back and consolidate on fears of a potential hard landing in China and the global economic outlook.
Futures on the Dow Jones Industrial Average fell 2 points, or less than 0.1%, to 12999. S&P 500 Index futures rose 0.9 point, or 0.1%, to 1389.80, while Nasdaq-100 futures gained 6.25 points, or 0.2%, to 2737.50.
U.S. stock indexes ended lower on Thursday, with the blue-chip Dow Jones Industrial Average off 1.4% in the week to date, leaving it on track for its worst week since mid-December.
The index, however, remains up 6.8% for the year, and strategists said a pause in the rally wasn't a surprise given the strength of the run-up to date, particularly given the low-volume nature of recent trading.
"The six-month equity rally has been built on lower-than-normal volumes, so investors are worried that the foundations are not as strong as they might be; and with some markets reaching four-year highs, it is not a surprise that some money is being taken off the table," said Rebecca O'Keefe, head of investment at Interactive Investor, in emailed comments.
Investors will be awaiting new-home-sales data for February, which is set for release at 10 a.m. Eastern time. Economists surveyed by MarketWatch expect sales to rise to 330,000 from 321,000 in January.
Data earlier this week showed existing home sales dipped in February. Housing starts also declined but permits rose.
European stocks were flat to higher but remained on track for weekly losses. Most Asian markets fell Friday. For the week, Hong Kong lost 3%, while Japan declined 1.2%.
Stocks that could be in focus Friday include sports-apparel maker Nike Inc., which reported a 7% rise in fiscal third-quarter profit after Thursday's closing bell and said future orders indicate solid demand into the summer season.
Micron Technology Inc. [MU] shares fell in after-hours trade Thursday after the chip maker said it swung to a loss in its fiscal second quarter on declining sales and rising costs.
The S&P 500 fell 10.11 points Thursday to end at 1392.78. The Dow Jones Industrial Average fell 78.48 points to close at 13046.16. The Nasdaq Composite Index lost 12 points Thursday to close at 3063.32. The index is up more than 17% since the end of 2011.
Equities were pressured Thursday after purchasing managers' indexes in China and the euro zone pointed to unexpected weakness in activity.
Oil prices also remain a concern for equity investors, strategists said. Nymex crude-oil futures rose 49 cents to trade at $105.84 a barrel in electronic trade.
Gold futures rose $7.30 to $1,649.80 an ounce.
The dollar retreated versus most major rivals. The dollar index, which measures the U.S. unit against a basket of other major currencies, slipped to 79.351 in recent action from 79.745 in North American trade late Thursday. Dollar falls
The euro traded at $1.3259 versus $1.3201 late Thursday. The dollar gained versus the Japanese yen to trade at ¥82.63 versus ¥82.54.
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