NEW YORK (CNN/Money) -
Stock futures were mixed Friday following news that economic growth was slower than initially thought in the second quarter.
Investors awaited comments from Federal Reserve Chairman Alan Greenspan as oil prices rose following five straight sessions of declines.
S&P and Nasdaq futures edged higher, but the gains were so small as to point to a mixed start for Wall Street.
Economic growth was revised lower in the second quarter, according to data released by the Commerce Department.
GDP, the broadest measure of the nation's economic activity, grew at an annual rate of 2.8 percent in the quarter, versus the initial reading of 3 percent late last month. The bigger-than-expected June trade deficit was the reason for the revision.
Economists surveyed by Briefing.com forecast a reading of 2.7 percent while Reuters' survey had an average forecast of 2.8 percent.
Economists also forecast the University of Michigan consumer confidence index to remain unchanged at 94.0 following its late August survey. That report is due out shortly after the market open.
Fresh sabotage attacks on Iraqi oil pipelines led oil prices higher. U.S. crude futures rose 32 cents to $43.42 a barrel in electronic trading early Friday, while Brent oil futures gained 47 cents to $40.80 a barrel in London. Still, prices are more than $6, or about 12 percent, below the trading highs hit last week.
Thursday's drop in oil prices did little to help U.S. stocks. The Nasdaq lost about 0.4 percent, while the S&P 500 and the Dow Jones industrial average were little changed in light trading. (See chart for more details)
Asian-Pacific stocks ended higher Friday despite some weak Japanese economic data. Tokyo's Nikkei index gained almost 1 percent. European markets were mixed in early trading. (Check the latest on world markets)
Among U.S. stocks trading in Europe, defense contractor Lockheed Martin fell after competitor Boeing Co. won a $54 million rocket launch contract, even though the company's rocket unit is currently suspended after Boeing improperly obtained Lockheed documents. Boeing (BA: Research, Estimates) shares also fell after the Wall Street Journal reported new details of a hiring scandal there that previously cost both the CEO and chief financial officers their jobs.
Treasury prices edged up in early trading, pushing the 10-year note yield to 4.20 percent from 4.21 late Thursday. Bond prices and yields move in opposite directions.
In currency markets, the dollar edged higher against euro but fell against the yen.
Greenspan is set to speak at a symposium of central bankers in Jackson Hole, Wyo., about the long-term threat to pension funds. He is due to speak at 10 a.m. ET. Investors will be looking for his views of both the U.S. economy as well as his latest view on the state of social security.
In February, Greenspan told Congress changes to Social Security benefits were needed, warning, "dramatic demographic change is certain to place enormous demands on our nation's resources."
In corporate news, computer and computer peripheral maker Hewlett Packard (HPQ: Research, Estimates) is due to unveil Friday its own version of the popular iPod digital music player made by Apple Computer (AAPL: Research, Estimates). Shares of Apple rose to nearly a four-year high, gaining $1.61, or about 5 percent, to $34.66.
Shares Hewlett Packard, a component of the Dow Jones industrial average, gained 9 cents in regular-hours trading and another 6 cents in after-hours trading to $18.25.
Digital video recorder manufacturer TiVo reported after the market close Thursday a fiscal second-quarter loss of 13 cents a share, up from a loss of 7 cents a share, but less than the 24 cent a share forecast of analysts surveyed by earnings tracker First Call.
The company warned, however, that its third-quarter loss would be larger than expected and revenue would be slightly weaker than expected. Shares of TiVo (TIVO: Research, Estimates) lost about 7 percent in after-hours trading Thursday following the report.
Reuters reported that U.S. oil company ConocoPhillips is seeking to buy up to 25 percent in Russian oil giant Lukoil.
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