NEW YORK (CNNMoney) -- U.S. stocks were set for a higher open Friday, as oil prices edged up, and invstors awaited the latest reading on the health of the U.S. economy.
"You might get a little bit of a relief rally, because oil prices are hovering around the $96 to $97 [per barrel] range," said Peter Cardillo, chief market economist for Avalon Partners. "We're looking at stable commodity prices."
All three major indexes are on track for their worst week since August. Despite the pullback, stocks are still higher for the month of February and the year.
The Dow has posted losses for three consecutive sessions, losing 285 points this week, or 2.5%. Monday and Tuesday's plunges were the first back-to-back triple-digit declines since June.
Economy: Wall Street will get a second reading on U.S. fourth-quarter gross domestic product Friday morning. Economists expect GDP to come in slightly higher, at 3.3% growth from the prior reading of 3.2%.
A final read on February's University of Michigan consumer sentiment survey also is on the docket. The index is expected to remain unchanged at 75.1.
Companies: Shares of Boeing (BA, Fortune 500) were 5% higher in premarket trading, after the aerospace company won a $35 billion contract from the Air Force late Thursday.
Bailed-out insurer AIG (AIG, Fortune 500) posted an $11 billion profit for the fourth quarter, and $10 billion in earnings for the full year. Shares were up slightly in premarkets.
JC Penney (JCP, Fortune 500) rounds out a retail-heavy week of quarterly results when it reports its earnings before the market open. Analysts surveyed by Thomson Reuters are looking for the department store chain to earn $1.08 a share.
World markets: European stocks rose in morning trading. Britain's FTSE 100 edged higher 0.2%, the DAX in Germany ticked up 0.5% and France's CAC 40 gained 1.4%.
Asian markets ended the session mostly higher. The Shanghai Composite was flat, while the Hang Seng in Hong Kong rose 1.8% and Japan's Nikkei added 0.7%.
Oil for April delivery gained 56 cents to $97.84 a barrel.
Motorists are feeling the spike. The nationwide average price for gasoline rose nearly 6 cents overnight, according to AAA. This means that prices have jumped nearly 12 cents this week.
Gold futures for April delivery fell $14.20 to $1,401.60 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 3.47% from 3.42% late Thursday.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.80%||3.88%|
|15 yr fixed||3.20%||3.23%|
|30 yr refi||3.82%||3.93%|
|15 yr refi||3.20%||3.23%|
Today's featured rates:
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More
Honda and General Motors are creating a new generation of fully autonomous vehicles. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More