Stocks set to drift higher

NEW YORK (CNNMoney.com) -- U.S. stocks were poised to drift higher Friday, looking to extends gains from the previous session, as worries about a stalling economy continued to ease.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were up ahead of the opening bell. Futures measure current index values against perceived future performance.

Better-than-expected reports on weekly jobless claims and the nation's trade deficit sent stocks higher Thursday, and continued to calm economic jitters early Friday.

"Investors continue to be excited that we're starting to see better economic data after going through a period where it was really deteriorating," said Art Hogan, chief market strategist at Jefferies & Co. "As opposed to pricing in a double-dip [recession], it now looks like we're pricing in the fact that we don't expect that to happen."

The three major indexes rallied going into September - gaining momentum during five of the six previous sessions. But trading volumes have been exceptionally low, with many market participants on vacation.

"Volume during the week before and after Labor Day are typically really slow, but next week will be a different story as volume begins to pick up," Hogan said. "We'll be keeping a close eye on new economic data, and whether European banks decide to raise more capital."

Going into Friday's session, the Dow was down more than 32 points for the week. The S&P 500 was less than a point lower, while the Nasdaq had gained more than 2 points. Markets were closed Monday for Labor Day.

Economy: Before the market opens, a government report is expected to show that wholesale inventories rose 0.4% in July, following a 0.1% increase the month before.

Companies: Shares of Nokia (NOK) gained more than 4% in pre-market trading after the mobile phone maker named Stephen Elop, the head of Microsoft's (MSFT, Fortune 500) business division, as its CEO. Elop will begin as president and CEO on Sept. 21, replacing Olli-Pekka Kallasvuo.

World markets: European shares were little changed in afternoon trading. The CAC 40 in France was down 0.2%, the DAX in Germany fell 0.3%, and Britain's FTSE 100 was flat.

Asian markets ended higher after the Japanese government unveiled a $10.9 billion stimulus package aimed at boosting employment, consumer spending and corporate investment.

Japan's benchmark Nikkei index rallied 1.5% and the Hang Seng in Hong Kong gained 0.4%. The Shanghai Composite ended 0.3% lower.

Currencies and commodities: The dollar fell against the euro and the British pound, but gained versus the Japanese yen.

Oil futures for October delivery climbed $1.35 to $75.60 a barrel. Gold for December delivery dipped $1.80 to $1249.10 an ounce.

Bonds: The yield on the 10-year Treasury note fell to 2.75% from 2.76% late Thursday.