Cautiously optimistic on Wall StreetFutures gain ground but trading is likely to be volatile during shortened session; economic slowdown in focus.NEW YORK (CNNMoney.com) -- Stocks futures rose early Friday, lifted by easing oil prices, although economic concerns and thin trading during the shortened session could lead to a volatile day on Wall Street. A little more than an hour before the opening bell, Nasdaq and S&P futures were higher, suggesting a positive start for Wall Street. Lower oil prices offered a boost. Light, sweet crude for December delivery pulled back from $100 a barrel and was down 62 cents to $96.67 a barrel in electronic trading. But sentiment could shift to the downside as fears of slowing U.S. growth linger. Investors have been avoiding risk amid growing fears that the U.S. economy will fall into a recession. On Wednesday, stocks sank and the benchmark 10-year Treasury yield fell below 4 percent for the first time since 2005 as investors sought safety. Trading is expected to be light with an early close for U.S. markets on Friday. Stock markets will close at 1 p.m. ET and bond markets will close at 2 p.m. ET. Markets were closed Thursday for Thanksgiving. No major economic reports or earnings are on tap, but investors are likely to focus their attention on the retail sector, with the start of the critical holiday shopping season underway. Black Friday, the day after Thanksgiving when retailers generally start becoming profitable for the year, started with a bang. Several shoppers lined up early for deep discounts. Companies in focus include Wal-Mart (Charts, Fortune 500), J.C. Penney (Charts, Fortune 500), Best Buy (Charts, Fortune 500) and Macy's (Charts, Fortune 500). In corporate news, Goldman Sachs (Charts, Fortune 500) reportedly is aiming to raise a $6 billion hedge fund. The Financial Times said if the investment bank comes close to that goal, it would be one of the biggest launches ever. Barry Diller's IAC/InterActiveCorp. (Charts, Fortune 500) plans to invest $100 million to expand its services in China. Diller said the company plans to launch its Ask.com search engine in the country within two years. In global trade, European markets rose in midday trading, boosted by deals. Asian markets finished mostly higher. Japanese markets were closed for a holiday. |
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