Stocks head for early bounce

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NEW YORK (CNNMoney) -- U.S. stocks were set for an early rebound Friday, as oil prices slipped and investors awaited another round of economic data.

Economic anxieties have pushed markets "way too far down, too fast," said Bruce McCain, chief investment strategist at Key Bank. "A lot of times when you get to that point, there's a tendency for markets to stabilize or even bounce back."

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were up about 1% ahead of the opening bell. Futures measure current index values against perceived future performance.

Oil prices, which sank 2% in earlier trading, may give markets a boost Friday. But Greece's debt problems and quadruple witching could add volatility to an already nervous market.

Quadruple witching refers to the phenomenon that takes place four times a year, when several derivatives contracts expire at the same time -- those tied to market index futures, market index options, stock options and stock futures.

Traders tend to adjust their portfolios throughout the week but the expirations often bring additional churning, especially to an already nervous market. And traders may also be keeping an eye on the VIX (VIX), a key measure of fear, which rose about 6% in the prior session.

U.S. stocks closed mixed on Thursday, as weakness in the tech sector countered stronger-than-expected reports on the housing market and unemployment.

The bull market is dead - StockTwits

Economy: The University of Michigan will release its initial June consumer sentiment index at 9:55 a.m. ET. Economists are looking for the index to fall to a reading of 73.5, from May's reading of 74.3.

The Conference Board will release its report on Leading Economic Indicators for May at 10 a.m. ET. Economists forecast a decline of 0.4%, following a 0.3% drop in the previous month.

While economic data has largely disappointed in recent months, there may be a slight uptick in optimism emerging, as investors realize that many of the negative data points lately have been due to supply disruptions stemming from the Japanese earthquake.

"The bad news we've seen may have been heavily focused on supply disruptions out of Japan," McCain said. "So recent news -- like Toyota saying it will be back to full production by September -- have shown that the problems from these disruptions may be resolved more quickly than anticipated."

Is the U.S. like Greece?

World markets: Greece named a new finance minister early Friday. Former defense minister Evangelos Venizelos will replace George Papaconstantinou as finance minister.

But this announcement didn't do much to help calm fears about the debt crisis, said McCain.

"Investors are not only convinced that Greece will go down, but that it will begin a cascade of dominoes into other countries and have a big impact on the broader world," he said, adding that Greek debt jitters will likely keep investors on their toes until a bailout for the country is agreed upon by eurozone officials.

European stocks rebounded slightly in morning trading. Britain's FTSE 100 edged up 0.1%, the DAX in Germany jumped 0.7% and France's CAC 40 gained 0.5%.

Asian markets ended the session lower. The Shanghai Composite dropped 0.8%, the Hang Seng in Hong Kong tumbled 1.2% and Japan's Nikkei shed 0.6%.

Companies: Shares of Research in Motion (RIMM) tumbled 18% in premarket trading, after the BlackBerry-maker slashed its full-year earnings outlook by 30% and announced layoff plans after the market closed Thursday.

Capital One (COF, Fortune 500) said late Thursday it plans to acquire online banker ING Direct, making it the fifth-biggest U.S. deposit gatherer. But after the announcement, Moody's warned of a possible downgrade and said it is reviewing Capital One's financial strength and long-term ratings. Shares of the bank fell more than 1% before the market open.

Currencies and commodities: The dollar slipped against the euro, the Japanese yen and the British pound.

Oil for July delivery tumbled $1.02, or 1%, to $93.93 a barrel, after hitting $92 earlier in the morning. The dip comes after oil prices plunged more than 4% earlier this week, to their lowest level in nearly four months on Greek debt woes.

Gold futures for August delivery fell 80 cents to $1,529.10 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 2.95% from 2.91% late Thursday.