Stocks looking to rebound

@CNNMoneyInvest November 18, 2011: 8:43 AM ET

Click chart for more premarket action.

NEW YORK (CNNMoney) -- U.S. stocks were headed for a positive open Friday, as investors keep a close watch on political developments in the eurozone.

The Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were up nearly 1% ahead of the opening bell Friday. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

While U.S. markets may get a temporarily breather Friday barring any major news out of the eurozone, investors are being yanked along day-to-day by European headlines, whether they like it or not, said Will Hedden, sales trader at IG Markets.

"They can't get away from the eurozone issue -- that was evident with the huge drop in jobless claims numbers in the U.S. [on Thursday] not even being able to help," he said.

The eurozone debt crisis appears to be spreading to larger economies in Europe. Yields on Italian, Spanish and French government bonds are rising amid doubts that European policymakers will be able to resolve the continent's problems.

While efforts in Greece and Italy to tame the debt crisis have taken center stage in recent weeks, investors are beginning to turn their attention to other eurozone countries like Spain.

Europe credit crunch fears are growing

"We've got an election in Spain this weekend that adds another herd of uncertainty into the frame," said Hedden. "It's bad enough what has happened with Greece and Italy and all the changes there, so this just adds further complications."

U.S. stocks fell sharply Thursday, as investors dumped risky assets on fears of more debt trouble in the eurozone.

World markets: European stocks were mixed in morning trading. Britain's FTSE 100 (UKX) fell 0.3%, the DAX (DAX) in Germany slid 0.6% and France's CAC 40 (CAC40) edged down 0.2%.

The weak euro: Look out below!

Asian markets ended ended sharply lower. The Shanghai Composite (SHCOMP) tumbled 1.9%, the Hang Seng (HSI) in Hong Kong dropped 1.7% and Japan's Nikkei (N225) lost 1.2%.

Economy: The latest installment of the Conference Board's Leading Economic Indicators Index will be released on Friday. The reading combines data on stock prices, manufacturing, consumer expectations and other issues.

Analysts surveyed by expect the index to have increased by 0.6% for the month of October after increasing 0.2% in the month prior.

Companies: Shares of (CRM) dropped 4% in premarket trading Friday, after the cloud-based software maker reported a $3.8 million third-quarter loss late Thursday.

HJ Heinz (HNZ, Fortune 500) posted quarterly earnings early Friday that just beat analyst expectations, but its revenue of $2.8 billion missed estimates, sending shares nearly 1% lower before the opening bell.

Shares of Ann Taylor (ANN) jumped more than 2% in early trading, after the retailer posted earnings that beat expectations and said same-store sales rose 7.9%.

On Thursday, Angie's List (ANGI), an online provider of consumer reviews, sold 8.8 million shares for $13 apiece in an initial public offering. Shares popped 1% in premarket trading Friday, after surging 27% in after-hours trading Thursday.

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

Oil for December delivery gained $1 to $99.82 a barrel.

Gold futures for December delivery added $14.90 to $1,735.10 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.98% from 1.96% late Thursday.  To top of page

Index Last Change % Change
Dow 24,580.89 119.19 0.49%
Nasdaq 7,692.82 -20.14 -0.26%
S&P 500 2,754.88 5.12 0.19%
Treasuries 2.90 0.00 0.10%
Data as of 1:38am ET
Company Price Change % Change
Comcast Corp 33.81 1.02 3.11%
Bank of America Corp... 28.99 -0.30 -1.02%
General Electric Co 13.05 0.29 2.27%
AT&T Inc 31.69 0.09 0.28%
Micron Technology In... 57.10 -2.34 -3.94%
Data as of Jun 22
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15 yr fixed3.89%3.89%
5/1 ARM4.17%4.22%
30 yr refi4.44%4.43%
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