NEW YORK (CNN/Money) -
U.S. stock markets were set for a slip at Friday's open, but it would take a big flop -- perhaps in the form of another surge in oil or a massive second-day Google selloff -- to wipe out this week's gains.
Early Friday, Nasdaq and S&P futures were moderately lower.
So far this week, the Dow Jones industrial average is up more than 115 points and the Nasdaq composite index is higher by 62-2/3 points. Therefore, it would take quite a jolt to turn the markets negative for the week, even after Thursday's modest declines of 0.4 percent for the Dow and 0.6 percent for the Nasdaq (see chart for details).
Perhaps the jolt could come from oil. U.S. crude futures set another intraday record in electronic trading Friday at $49.29 a barrel before pulling back to $49.28, up 58 cents from Thursday's record settlement. Brent oil futures rose 69 cents to $45.02 a barrel in London after they reached a record $45.15 earlier in the session.
Market watchers are also curious about Google (GOOG: Research, Estimates)'s second day of trading. The first day was a raging success for the search engine, whose shares finished Thursday at $100.34, up $15.34 from the initial offering. In after-hours trading, Google was down 32 cents to $100.02.
Asian-Pacific stocks ended mostly lower Friday, scared by the oil surge; Tokyo's Nikkei fell 0.1 percent. European markets retreated in early trading. (Check the latest on world markets)
For details of Thursday's turnback, click above.
Among U.S. stocks trading in Europe, General Motors (GM: Research, Estimates) fell more than 1 percent. The Wall Street Journal reported Friday that some big dealers are cutting back orders for the No. 1 carmaker's 2005 models, a move that could reduce production and profit in the months ahead.
Rival Ford Motor (F: Research, Estimates) shares also lost more than 1 percent. A Florida jury found the company liable for a rollover accident involving an Explorer, the second such legal setback this year for the maker of America's No. 1-selling sport/utility vehicle.
Fannie Mae (FNM: Research, Estimates) was subpoenaed by its U.S. regulator as part of an examination of the largest U.S. mortgage financier's accounting practices, the Wall Street Journal said Friday, citing an unnamed person familiar with the situation.
A Montana jury ordered ChevronTexaco (CVX: Research, Estimates)., the No. 2 U.S. oil company, to pay $40.3 million for environmental damage from a gasoline pipeline leak in 1955, the Wall Street Journal said Friday.
Nordstrom (JWN: Research, Estimates) profit jumped 62 percent on strong sales and lower markdowns, the company said Thursday, but results missed Wall Street's forecast.
General Growth Properties, Inc. (GGP: Research, Estimates), the nation's No. 2 shopping mall operator, announced a deal Friday to buy competitor Rouse Co. (RSE: Research, Estimates) for $7.2 billion in cash.
Treasury prices rose, sending the 10-year note yield down to 4.20 percent from 4.21 percent Thursday. The dollar edged lower against the yen, but was a little higher versus the euro. Gold was down slightly.