US STOCKS-Futures slip, Wall Street set for weekly decline

Fri May 24, 2013 7:45am EDT

* Durable goods orders on tap

* P&G shares rise after CEO replacement

* Abercrombie shares fall after results

* Futures off: Dow 64 pts, S&P 10 pts, Nasdaq 18 pts

NEW YORK, May 24 (Reuters) - U.S. stock index futures fell on Friday, setting up Wall Street for its first weekly decline since mid April, amid concern the central bank may scale back its support to the economy.

* Trading has been choppy in the second half of the week as market participants assess the Federal Reserve's evolving stance towards markets. Fed support has been instrumental in a rally that has boosted U.S. stocks to record highs this year.

* Procter & Gamble shares rose 2.9 percent in premarket trading, a day after the world's largest household products maker brought back A.G. Lafley as chief executive, replacing Bob McDonald in the midst of a major restructuring.

* The Commerce Department will release April durable goods orders data at 8:30 a.m. EDT (1230 GMT). Economists in a Reuters survey expect a 1.5 percent rise, compared with a 6.9 percent drop in orders in March.

* S&P 500 futures fell 10 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 64 points, and Nasdaq 100 futures lost 18 points.

* Abercrombie & Fitch shares dropped 7.1 percent in premarket trading after the teen clothing retailer said quarterly comparable sales fell 15 percent, which it blamed in part on inventory shortages.

* Shares of Sears Holdings tumbled 12 percent in light premarket trading after the U.S. retailer reported a bigger-than-expected quarterly loss on Thursday, hurt by cooler spring weather.

* Pandora Media shares jumped 11 percent in premarket trading after the streaming music service said Thursday first-quarter revenue grew on the strength of mobile advertising. At least five research firms raised their price target on the stock.

* Google is considering buying Israeli mobile satellite navigation start-up Waze Inc, which may lead to a bidding war with Facebook, Bloomberg news reported, citing people familiar with the matter.

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