Stocks set to drop
Futures pull back as oil prices rebound; existing home sales on deck.
NEW YORK (CNNMoney.com) -- Stocks looked set to drop at Friday's open as crude prices resumed their rally.
About three hours before the market open, Nasdaq and S&P futures were lower and suggesting a negative start on Wall Street.
Stocks ended a two-session losing streak on Thursday, helped by a slight easing in crude prices.
But investors looked ready to pull back Friday as crude futures rebounded. A barrel of light sweet crude rose $1.44 to $132.25 a barrel in electronic trading.
Trading is also likely to be light ahead of the holiday weekend, which would add to market volatility. U.S. markets will be closed Monday for Memorial Day.
The only economic report on tap is a reading on April existing home sales, due out at 10 a.m. ET.
Economists surveyed by Briefing.com forecast that sales fell to an an annual pace of 4.85 million from 4.93 million, which would once again mark a record low for that closely watched reading.
In corporate news, British oilfield services firm Expro International Group said Friday that it has received a $3.36 billion offer from U.S. rival Halliburton (HAL, Fortune 500), which would top an already agreed to $3.16 billion bid from a consortium of private equity firms and investors that includes Goldman Sachs.
Yahoo (YHOO, Fortune 500) announced late Thursday it has delayed its annual meeting originally set for July 3 to sometime at the end of that month. The Internet firm is facing a proxy fight over its board of directors with investor Carl Icahn, who is angry at the firm for shunning an unsolicited takeover offer from Microsoft.
Clothing retailer The Gap (GPS, Fortune 500) posted sharply higher earnings that topped both its guidance and analysts forecasts, despite missing sales targets once again. Still the improvement in the bottom line lifted shares 2.5% in after-hours trading.
Workers at U.S. auto parts maker American Axle & Manufacturing Holdings (AXL) are set to return to work next week after 78% voted in favor a new four-year deal that contains wage concessions. The nearly three-week strike had crippled production of the large SUVs and and pickup trucks at General Motors (GM, Fortune 500), its major customer.
UAL Corp. (UAUA, Fortune 500) unit United Airlines and US Airlines Group (LCC, Fortune 500), which last fall both won federal approval to begin highly coveted routes to China, are postponing the launch of the new services because of high fuel costs, the airlines announced late Thursday.
In global trade, Asian stocks ended mostly lower, although Japan shares managed to eke out gains. European shares fell in early trading. 
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