U.S. stock market futures traded lower on Friday, as investors turned jittery ahead of the weekend and data expected from China, and after Reserve Chairman Ben Bernanke didn't give stronger hints about monetary stimulus a day prior.
Futures for the Dow Jones Industrial Average fell 31 points to 12375. S&P 500 futures fell 4 points to 1306.10, while Nasdaq-100 futures fell 6.75 points to 2523.75.
A day prior, Wall Street managed to give up the bulk of the day's gains after Bernanke said the central bank wants to review the economy before making a decision on more stimulus. The Standard & Poor's 500 index halted a three-session win streak, finishing slightly lower at 1314.99.
"Equities have had a good week so far, but investors are becoming increasingly jittery as we head into the weekend. As a consequence, many are taking the opportunity to take some risk off the table and book profits," said David Morrison, senior market strategist at GFT Markets, in emailed comments.
Morrison said Thursday's surprise rate cut from China helped take some sting out of disappointment over a lack of stimulus action from European officials.
"However, the Chinese rate cut (the first since the financial crisis in 2008) has spooked some investors ahead of the release of China's PPI, CPI, industrial production, retail sales and fixed-asset investment tomorrow. There is a concern that the cut was a pre-emptive action ahead of poor data," he said.
As well, there remains plenty to worry about on the European front. Markets in Europe were under pressure, though Spain stocks erased losses and turned slightly higher after Reuters reported that the government could be close to asking for a rescue of its banks this weekend.
A representative from the European Commission said they had no news on a Spanish bailout request, while Spanish officials couldn't immediately be reached for comment.
Fitch Ratings downgraded Spanish debt by three notches late Thursday to BBB, saying the costs of bailing out the banks could rise to 90 billion euros to 100 billion euros ($113 billion to $125 billion) in a negative stress scenario.
On the economic calendar, the trade deficit for April will be released at 8:30 a.m. EDT by the Commerce Department. Wholesale inventories for April will be released by the Commerce Department at 10 a.m. EDT.
Asian stocks skidded Friday after China's surprise rate cut ahead of a weekend of busy data for the country got investors nervous. The Nikkei Stock Average dropped 2.1% as investors cashed in on three days' worth of gains.
Commodities also fell sharply, with crude-oil futures tumbling $2.42, or 2.9%, to $84.41 a barrel, while gold futures for August delivery fell nearly $10, or 0.6%, to $1,578.70.
As commodities and stocks fell, the dollar rose across the board. The dollar index, which measures the dollar across a basket of major currencies, jumped to 82.749 versus 82.241 seen in late trade Thursday.
-By Barbara Kollmeyer; 34 91 395 8131; AskNewswires@dowjones.com
HOT STOCKS TO WATCH
Among the companies with shares expected to actively trade in Friday's session are Francesca's Holdings Corp. (FRAN), Molina Healthcare Inc. (MOH) and Progress Software Corp. (PRGS).
Francesca's fiscal first-quarter earnings more than doubled as the retailer's sales continued to strengthen and margins improved. Shares jumped 17% to $26.20 after hours as results topped the company's expectations and it raised its full-year outlook.
Medicaid health insurers Molina and Centene Corp. (CNC) won back business in Ohio after protesting their prior rejection for new contracts starting next year. Molina shares climbed 18% to $20.98 after hours while Centene shares were up 6.6% to $35.
Progress Software reported preliminary results for its fiscal second quarter that missed analyst expectations, noting uncertainty from customers, partners and employees about the company's restructuring efforts and weakness in the global economy hurt results. Shares were off 9.4% to $18.38 after hours.
ATP Oil & Gas Corp. (ATPG) said its recently appointed chief executive, Matt McCarroll, has resigned, effective Thursday, after the offshore explorer failed to reach a mutually agreeable employment agreement with Mr. McCarroll. Shares slid 8.6% to $5.34 after hours.
Chelsea Therapeutics International Ltd. (CHTP) said its corporate officers and directors have agreed to a 25% pay cut until data from the company's ongoing Phase III study of its Northera low-blood-pressure medication is available, part of a slew of cost-saving initiatives to help support the development of the company's lead drug candidate. Shares jumped 4.8% to $1.32 after hours.
Comtech Telecommunications Corp.'s (CMTL) fiscal third-quarter income dropped 57% as the maker of advanced communications systems saw a continued slide in revenue. Still, the results beat market expectations. Shares were up 2.2% to $29.75 after hours.
Cooper Cos.'s (COO) fiscal second-quarter earnings rose 55% amid broad sales growth in both its main businesses, though the results missed analysts' expectations. Shares fell 5.6% to $75.60 after hours.
CPI Aerostructures Inc. (CVU) said the company and some stockholders plan to offer an undisclosed number of common stock. Shares slipped 2.1% to $12.39 after hours.
FleetCor Technologies Inc. (FLT) said stockholders plan to sell about 6.8 million shares. Shares were off 4.4% to $36.89 after hours.
Thor Industries Inc.'s (THO) fiscal third-quarter profit rose 3.3% as the recreational-vehicle maker's sales strengthened, though margins narrowed. Shares slid 2.8% to $29.35 after hours as the company said an "elevated RV promotional environment" has thwarted further margin expansion.
Watchlist:
Cascade Corp.'s (CASC) fiscal first-quarter earnings fell 7.4% as the forklift-parts company posted higher expenses that overshadowed improved revenue and increased shipments.
Dunkin" Brands Group Inc. (DNKN) said it has named Chief Financial Officer Neil Moses as the coffee-and-doughnut chain's chief global-strategy officer.
Exide Technologies' (XIDE) fiscal fourth-quarter loss narrowed as the company recorded lower restructuring and impairment charges.
Forest City Enterprises Inc.'s (FCEA) fiscal first-quarter earnings fell 50% amid fewer gains on property sales and joint ventures.
Genesee & Wyoming Inc. (GWR) named David A. Brown as its chief operating officer, replacing James W. Benz, who is retiring from the railroad company in the beginning of 2013.
Moody's Investors Service lowered its ratings on wafer maker MEMC Electronic Materials Inc. (WFR) one notch further into speculative territory, pointing to financial distress in the company's solar operations.
Piedmont Natural Gas Co.'s (PNY) fiscal second-quarter earnings rose 5.9% as the natural-gas distributor saw lower gas expenses make up for softer-than-expected revenue.
Quiksilver Inc.'s (ZQK) fiscal second-quarter loss narrowed as the outdoor sports outfitter recorded fewer impairment charges and a smaller provision for income taxes.
Viacom Inc. (VIAB, VIA) unveiled plans to offer $400 million in notes to raise funds for general corporate purposes.
-Write to Nathalie Tadena at nathalie.tadena@dowjones.com
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