Stocks set to step back

Investors brace for readings on consumer spending and sentiment.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By CNNMoney.com staff

An eyeblink glance at the economy
The economy has grown for five straight quarters, but there are signs that the recovery is still fragile.

NEW YORK (CNNMoney.com) -- U.S. stocks were poised to pull back at Friday's open as investors caught their breath after the previous session's rally and awaited the latest measures on the health of the consumer.

S&P 500, Nasdaq-100 and Dow Jones industrial average futures were lower.

Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.

Ken Goldstein, economist at The Conference Board, a non-profit business organization, said the decline in futures is a knee-jerk to the bold rally on Thursday.

"I think this is a 48-hour swing," said Goldstein. "I think it's just simply a reaction [to yesterday.]"

Wall Street surged Thursday, lifted by a stronger-than-expected reading on their-quarter gross domestic product.

The Dow surged 2% -- its biggest one-day percentage gain since July 15. The S&P 500 soared 2.3% and the Nasdaq added 1.8%.

Economy: Investors will take in a wave of economic reports on Friday, including readings on personal income and spending, consumer sentiment and manufacturing.

Personal income is expected to be unchanged for September, and personal spending is expected to have fallen 0.5% last month, according to Briefing.com consensus of economists.

Thursday's GDP report helped ease worries about the strength of the economic recovery somewhat. It showed GDP grew at a annualized rate of 3.5% versus the 3.2% rate economists had expected.

Earnings: Sony (SNE) posted on Friday a quarterly loss but it also trimmed its full-year loss forecast.

Other companies due to post quarterly results include Chevron (CVX, Fortune 500) and Duke Energy (DUK, Fortune 500).

World markets: Stocks in Asia took a cue from Wall Street and bounced back. The Nikkei in Japan climbed 1.5%. Major European indexes were mixed in midday trading.

Money and oil: The dollar was mixed against major international currencies, slipping against the yen but edging up versus the euro and British pound. The price of oil fell 26 cents to $79.61 a barrel. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
10 of the most luxurious airline amenity kits When it comes to in-flight pampering, the amenity kits offered by these 10 airlines are the ultimate in luxury More
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.